The takeover bid on Caltagirone Editore for the delisting seems doomed to failure. Just over a session to go until the closing of the offer. The moves of the Amber fund, which now owns almost 10% of the company, will be decisive.
Last minute surprises are always possible, but at present the flop seems inevitable, given the low subscriptions reached so far and a title still above the price offered, albeit far from the highs of the beginning of the month.
The challenge between Francesco Gaetano Caltagirone and Amber has already led to an extension of the offer to the maximum term of 40 days and to an increase in the price from 1 to 1,22 euros.
According to the Reuters agency, a new revision of the terms would be out of the question and the assessment that the fund considers adequate is still very far from the one proposed.
The takeover bid was launched on 27% of the capital not controlled by the Caltagirone family and is conditional on reaching 90%. To date, just over 80.000 shares have been delivered, just 0,24% of the capital offered. The takeover bid at 1,22 euro values the company at 152 million. Today the stock trades at 1,255 euros.
