(Reuters) - Applus' board of directors has issued a favourable opinion on the takeover bids launched by funds Apollo and Amber, but prefer the latter as the offer price is higher, the Spanish company said in a filing with stock market regulator CNMV.
The takeover bidding war for industrial testing firm Applus started last summer when buyout fund Apollo and its rival Amber, a vehicle of infrastructure fund I Squared Capital Advisors and TDR Capital, filed a tender offer for the Spanish company.
Both funds have improved their offers and Amber has ended up offering 11 euros per share while Apollo's bid amounts to 10.65 euros a share.
Apollo also bought a 22% stake in Applus in January.
All directors holding shares in Applus stated in the filing late on Wednesday that their current intention was to accept Amber's takeover bid and only in the absence of it, Apollo's offer.
"However, the directors reserve the right to reconsider their intention should circumstances change", the company added.
Applus' shareholders have until April 24 to accept or reject any of the offers.
CNMV has already authorised both takeovers.
TDR declined to comment, while Apollo, Amber and I Squared were not immediately available for comment.
Applus shares were flat at 11.44 euros at Thursday's market opening, almost 5% above the price offered by Amber.