Italian M&A on track to reach post-crisis high | White & Case LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
2 Min Read
MILAN (Reuters) - The top investor in ASTM raised its bid offer for the Italian motorway group by around 150 million euros ($182.45 million) in an effort to secure backing for plans to take the company private and implement a broad overhaul.
Nuova Argo Finanziaria (NAF), the group’s top investor with a 43% stake, said on late Friday it is ready to pay 28 euros per ASTM share, or 1.85 billion euros, to buy an additional 46.92% stake in the company.
In February, NAF had announced an offer of 25.6 euros per share, or 1.7 billion euros.
The new price represents a 40.8% premium over ASTM’s official close on Feb. 19, the day the offer was announced, NAF said in a statement.
(1)
PARIS, April 9, 2021 /PRNewswire/ Sycomore AM has been a shareholder of ASTM S.p.A. ( ASTM or the Company ) since December 2019. As of close of business April 8
th 2021, Sycomore AM holds in aggregate c1.43m shares of ASTM through various funds representing 1.02% of the share capital of the Company.
We are writing this open letter to express our concerns regarding the opportunistic voluntary tender offer ( VTO ) for all the ordinary shares of ASTM launched by NAF 2 S.p.A. ( NAF 2 or the Offeror ). Through the combination of an inadequate offer price and a coercive process, NAF 2 is trying to force the hands of minority shareholders by turning them into forced sellers at a low price, which implies a significant wealth transfer at the sole benefit of the Offeror and is highly detrimental for those minority holders.
Futures Tumble, Cryptos Crumble As Yield Blowout Accelerates zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
Shares in ASTM jumped 27% on Monday, lifted by a buyout offer from the Italian motorway group's top investor which wants to take the company private and overhaul it.