Acceleration shot on the Atlantia-Gemina takeover bid (Adr). According to Firstonline, the takeover bid is arriving in a short time, perhaps as early as March and it should be an offer partly in cash and partly in paper. The public cash offer would allow minority shareholders who want to exit, including Unipol, Toti and Generali, to monetize their investment. For the other shareholders who have interests in both Gemina and Atlantia, with the Benettons and through Edizione being the reference shareholders of both holdings, a card-to-card transaction will instead be carried out.
The acceleration boost was given by the green light to the new Adr program contract which will make the 2,5 billion investment plan eligible for financing: the integration of Adr with Atlantia will in fact make it possible to better implement the ten-year investment plan designed to relaunch Fiumicino airport. And yesterday in the late evening the confirmation of the start of the talks arrived: Atlantia in a note communicated that yesterday it had started contacts with the Gemina company "aimed at verifying the conditions for a possible corporate integration operation between the two holdings" . Just as Gemina confirmed that she is at work to ascertain "the existence of the industrial, financial, economic and legal prerequisites for a possible integration operation".
The advisors will be chosen shortly, probably by the end of the week and the merger could already be approved by the February board of directors. Of course, the market is already wondering about the price: after Tuesday's leap of 8%, Gemina shares yesterday retraced by 1,01% to 1,18 euros. For analysts, the price for the takeover bid could be between 1,2 and 1,3 euros per share but the valuation is also linked to other technical considerations such as the value of the Rab (Return of the regulated asset base) which for some is maximum 1,8 billion (at 1,2 euros per share the valuation of the Rab already reaches 1,7 billion) and on which it is difficult to get a premium also in light of the tensions with Alitalia. Yesterday Adr announced that it had limited some services to Alitalia because the company “despite numerous requests from ADR, is still financially in default. Andrea Ragnetti, CEO of Alitalia, ready to reply sharply: "The tariffs are very high in the face of an inadequate service with an absolutely unjustifiable degradation" and the delays in payments are "very small".
