Urbano Cairo aims to conquer the Corriere della Sera and the Gazzetta dello Sport. Surprisingly, Cairo Communication has decided to launch a voluntary public exchange offer on the all the shares of Rcs Mediagroup. The consideration for the exchange, according to a note, is equal to 0,12 Cairo Communication shares for each ordinary Rcs share. Therefore, for every 8,333 Rcs shares contributed to the offer, subscribers will receive one Cairo Communication share.
On the basis of the official price of the RCS shares and of the Cairo shares recorded on 7 April, the value of the RCS shares is equal to 0,551 euro, net of the dividend the offer is 0,527 euro. Yesterday the Rcs share closed at 0,455 euros.
The objective of the operation, explained Cairo, which already has 4,7% of RCS in its portfolio, is to create a large multimedia group, on condition that the go-ahead from the Antitrust is obtained and that 50% of the capital but also that the banks do not ask RCS to repay the debt in advance.
Intesa Sanpaolo, which owns 4,17% of Rcs and is its main creditor, seems to be supporting the Cairo operation, which would instead have been advised against doing so by the shareholders Mediobanca, Unipol and Della Valle. The position of the Rotelli family and Pirelli remains uncertain
