At Piazza Affari it is time for a new takeover bid which will be followed by a new delisting. Falck Renewables has reached an agreement with Infrastructure Investment Management, an investment vehicle of which JP Morgan Investment Management is advisor, for sell 60% of the capital. The agreement "will be followed by a mandatory takeover bid" aimed at the delisting, explains a note released by the company this morning, before the opening of the markets.
The sale will take place at a price of 8,81 euros per share, with a premium of 29,2% compared to the weighted average price of the last 3 months, of 40,5% compared to the weighted average price of the last 6 months and of 45,2% compared to the weighted average stock market price of the last 12 months . In the session of 19 October, in Piazza Affari, the Falck Renewables share gained 3,3% reaching 7,645 euro and today, less than an hour after the opening of the Stock Exchange, rises by 13,93% to 8,72 euros, approaching the takeover price.
Completion (closing) of the transaction, which is subject to obtaining the various authorisations, is expected in the first quarter of 2022. After the closing, IIF will launch a mandatory cash takeover bid on the remaining share capital of Falck Renewables, at the same price offered today, with the intention to arrive at the delisting of the title. Finally, the fund will also launch a public tender offer in cash on the convertible bonds of Falck Renewables, aimed exclusively at qualified investors.
"The investment of a new strategic partner allows Falck Renewables to make the most of the investment opportunities that are being created in the renewable energy sector and to position itself as a key player in the current highly competitive market environment", he explained in a note the group of renewables. “Following years of growth under Falck's leadership, today's operation represents an important milestone for the company. Under the new management, IIF intends to accelerate the growth of Falck Renewables and consolidate its leadership position in the renewables sector, continuing under the leadership of its CEO, Toni Volpe, Paolo Rundeddu, chief financial officer, and the current management team ”, added Falck.
Too bad about the delisting…