Borgosesia Rallying at Piazza Affari Following the takeover bid for delisting announced this morning by Alba, shares of the alternative asset investment company soared 18,9% at €0,702 per share, just shy of the offering price of €0,71.
Alba's offer on Borgosesia
Shortly before the opening of the stock market, Alba announced the launch of atotalitarian voluntary takeover bid on the ordinary shares of Borgosesia. The operation provides for a consideration of 0,71 euros for each share tendered in acceptance of the offer (cum dividend) and incorporates a premium equal to 20,3% compared to yesterday's official price, equal to 0,59 euros), and 27,7% compared to the weighted average of the last month. In the event of full participation, the maximum total disbursement will be approximately 33,88 million euro, an amount that the company will cover through its own equity resources guaranteed by the shareholders.
The offer is aimed at the delisting of Borgosesia, which was listed on the Milan Stock Exchange as far back as the late 19th century. If the exit from the stock exchange is not achieved directly through a takeover bid, the bidder intends to pursue it through the merger of Borgosesia into Alba, according to a statement.
Agreement between Isa Preto, Carlo Tassara, Cti, and Sofia Holding
Alba is a corporate vehicle controlled by Isa (Atesino Development Institute), which has signed a framework agreement with other investors including Preto, Carlo Tassara International, Cti, and Sofia Holding. ISA has committed to tendering its 24,685% stake in the share capital and 23,509% of the voting rights to the offer; Cti it in turn committed to bring 5% and 4,762% of the voting rights into membership; Valentina Brioschi and SH They will hold 19,998% of the share capital and 19,046% of the voting rights. Alba has committed to promoting the takeover bid.
The effectiveness of the operation is conditional on reaching a threshold of membership of at least 66,67% of the capital, in addition to obtaining regulatory authorizations from the Bank of Italy and the authorization relating to the Golden Power legislation.
