Great maneuvers on the shares of the Gavio family after the go-ahead for the corporate restructuring established yesterday evening, 13 June, the day on which the shares were suspended from trading pending the announcement. At 10.00 ASTM shares gain 8,4% to 28,14 euros (the best performance of the Milan Stock Exchange), while those of the subsidiary Sias dropped 5,28% to 16,28 euros.
On Thursday, the boards of the two companies approved a merger, which results in a merger by incorporation of Sias into Astm with the aim of "simplifying the chain of control through the creation of a 'One Company' listed on the Stock Exchange", explains the note. The rearrangement will start from a partial voluntary takeover bid by the parent company on 5% of Sias. Price set: 17,5 euros per share.
"The decision to promote the offer is attributable, on the one hand, to the need to mitigate the dilutive effects deriving from the merger and, on the other, to the desire to grant a partial exit option to Sias shareholders who do not intend to maintain their investment in the company resulting from the merger”, reads the Astm press release. The completion of the offer is subject to the fact that Astm directly holds 66,693% of Sias.
If everything goes as planned, therefore, it will be born soon a single holding company, with a simpler corporate structure compared to the current one, active in the sectors of "motorway concessions, construction, engineering and technological innovation".
After the merger, a "new strategic plan" will be presented, which could also include capital strengthening operations. After the wedding, if the takeover bid is successful, 44,753% of the company will be in the hands of the market. Otherwise – that is, if there is no membership – 47,015% will end up on the market. The remaining shares will be held by Nuova Argo Finanziaria, Aurelia and Nuovo Codelfa.
