Difficult morning in Piazza Affari for Cerved. The stock, after being stuck in the opening auction with a theoretical drop of 11 per cent, entered trading, dropping 14,9%. The shares, from 9,6 euros at the close of Friday 8 March, this morning they mark 8,17 euros. Weighing on Cerved's performance was the announcement by Advent International which at the last moment made it known that it was no longer willing to make a takeover bid to acquire control of the company.
In fact, a note specified that it was precisely the price increase on 6 March, after the Financial Times had spread some rumors about the possible public offer, that left the outcome "uncertain".
In a press release, Cerved in fact explained “that it received today a letter from Advent International in which the latter reports that the due diligence carried out confirmed that Cerved Group is a company with great potential for continuous growth and is managed by an excellent management team".
"Advent International Corporation - continues the note - has however indicated that the circumstance that the market price of the share has increased from Euro 7,71 (closing price on February 12, 2019, the date prior to sending the expression of interest) to Euro 9,60 (closing price of 8 March) – moreover, the price increase occurred mainly after the date of the aforementioned press release relating to market rumors – made the outcome of the transaction uncertain and therefore Advent International Corporation currently has decided not to implement the operation”.
In other words: Cerved stock would have risen too much after the rumors about the acquisition and Advent has preferred to step aside.
