The takeover bid by Edizione and Blackstone on Atlantia will be postponed by a month. This was revealed by Il Sole 24 Ore, according to which the 13 billion euro takeover bid and the consequent delisting will be postponed compared to the initial plans. From late August-early September we will switch to late September-early October.
One more month for the takeover bid on Atlantia
The reason is soon to be said: the authorization process involving both the Bank of Italy and the Bank of Spain will take longer than previously anticipated. In fact, the two institutes are called to give their assent to the operation given that Atlantia controls the Telepass payment company on one side (the Italian side), and the Abertis motorway company on the other (the Spanish side). The delay, according to what the business newspaper reveals, was due to Madrid, which informally communicated to Atlantia a extension of the time to grant the authorization.
The details of the takeover bid
Once the go-ahead has been received, and having already received the go-ahead from the Italian government, Atlantia will be able to proceed with the expected delisting. The operation had been announced in recent months, when Edizione and the US fund had announced that they had notified the public offer on Atlantia to the Government to verify that the deal did not require the use of special powers by the Executive .
Last April, Alessandro Benetton, president of Edizione, had thus explained the total public tender offer aimed at the delisting of Atlantia, a company in which he already owns 33,1%. : “We have chosen to undertake this initiative also in order to preserve the integrity and Italian identity of the group".
Edizione and Benetton have put it on the plate € 23 per share, a figure that represents a 5,3% premium over the official share price as of April 13, 2022; a premium of 24,4% compared to the price on 5 April 2022. By adding the dividend, equal to 74 cents, to the figure, Atlantia's shareholders who accept the offer will receive a total amount of 23,74 euros for each share.
Meanwhile, in Piazza Affari, the title Atlantia travels around parity at 22,74 euros per share, just below the takeover bid price.
