The chances of success of the public purchase operation launched by the Caltagirone family to remove the Caltagirone Editore shares from the Stock Exchange are increasingly reduced. In the last few days they have in fact touched the 1,5 euro on the list. The current quotation is almost 50% higher than the offer price (1 euro).
The performance of the share on Monday morning, when it even gained 12,20%, follows that of Friday 1 September, when press rumors revealed the willingness of various investment funds to acquire a substantial position in the capital of the Roman group. The rumors were confirmed by the shareholding update released by Consob which certified that Amber Capital UK has come to hold 5,515% while it emerged that the stake in the hands of the Benetton family, equal to approximately 2,2%, has already been sold on the market. The action of institutional investors is, according to what emerges, an action aimed at countering the delisting project at 1 euro per share promoted by Francesco Gaetano Caltagirone through the vehicle Chiara Finanziaria.
There will be time until 8 September to join the takeover bid promoted by the Holding of the Caltagirone family. To date, however, the scarce subscriptions recorded (overall 61.246 subscriptions have been presented since the start of the offer, equal to approximately 0,181% of the shares subject to the takeover bid) since 24 July and the share price seem to indicate that the fifth publishing group is unlikely to Italian (which publishes, among others, Il Messaggero and Il Mattino) will be able to carry out the operation.
Borsa Italiana recalled that the Caltagirone ordinary shares purchased on the market on 7 and 8 September 2017 cannot be tendered in acceptance of the offer.
The Caltagirone family owns, between direct and indirect participation, approximately 67,3% of the capital of Caltagirone Editore. In order to carry out the delisting, however, it is necessary to own at least 90%.
