After months on a rollercoaster, the first operation of the Italian banking risk game is closed. It is that of Banca Ifis on Illimity which, while the other big names in the sector continue to argue among themselves, in some cases ending up in legal proceedings, crosses the finish line and celebrates a clear and unequivocal success: the offer closed with 84,09% of the subscriptions. Also thanks to the 5% cash prize promised by the bank chaired by Ernesto Furstenberg Fassio upon reaching 90% of the capital, a percentage that was not reached, albeit by a small margin. A move that, together with the raising of the minimum threshold from 45% to 60%, convinced even the most doubtful shareholders to adhere to the offer.
It was already clear that the takeover bid would be successful on Thursday, when Illimity announced the dissolution of the consultation agreement on 27,2% of the capital created at the end of May with the aim of negotiating better conditions in the context of the takeover bid launched in January by Banca Ifis. “The resolution of the consultation agreement and the higher offer price in the event of exceeding the 90% adhesion threshold increase the probability of success of the offer”, Intesa Sanpaolo analysts had commented at the time. Then, to dispel any doubts, on Friday morning, another announcement arrived the adhesion of the founder of Illimity, Corrado Passera, with his 3,9% of the capital.
Banca Ifis reopens the offer terms
At closing, the takeover bid exceeded the sub-threshold of 60%, but also the minimum threshold of 66,7%, reaching 84,09% of the capital from 52,33% reached at the closing on Thursday. But it doesn't end there. Banca Ifis announced the reopening of the offer terms for another five days, from July 7th to 11th. If the 90% threshold is exceeded, the Veneto-based institution will pay 0,1 Ifis shares for each Illimity share plus the cash equivalent (1,6835 euros) to the shareholders who will join the takeover bid during this new phase, while the 5% bonus (0,1775 euro) will go to everyone.
Once the reopening phase is also concluded, Banca Ifis will decide what to do. Everything will depend on the percentages: if the takeover bid stops below 90% threshold, the bank will call an extraordinary meeting to approve the merger. Between 90 and 95%, instead, the Venetian institution will be able to purchase the remaining Illimity shares from the shareholders who did not participate in the takeover bid. Above 95% instead, the offeror will have the right to purchase the remaining shares.
Fürstenberg Fassio: “Important result in the history of Banca Ifis”
“The successful public purchase and exchange offer on illimity Bank represents an important result in the history of Banca Ifis. Through this industrial operation we will merge two innovative challenger banks, to build a banking group of primary reference for the economy of the Italian system. Ifis-illimity will be a solid reality, to support people, businesses, and all stakeholders. We will ensure that the best qualities can contribute to the creation of a modern and inclusive corporate culture,” he says Ernesto Fürstenberg Fassio, president of Banca Ifis.
(Last update at 22.48 on 27 June).
