All is ready for KKCG's takeover bid for Ferretti. The company has published its offer document ahead of the launch, scheduled for March 16. In Milan, the stock fell 4,17% to €3,63, still above the offer price.
Ferretti: Details of Kkcg's Offer
In the offer document published by Kkcg Maritime, a wholly owned subsidiary of Kkcg, the company specifies that it is a voluntary partial takeover bid which concerns a maximum of 52.132.861 Ferretti shares. Kkcg's aim is to increase its stake, moving by 14,5 29,9% to% of the share capital of the yacht group.
La duration of the membership period, a note explains, was agreed with Borsa Italiana and the Executive from March 16 to April 13. The company has put on the table €3,50 per share, “with a significant premium compared to undisturbed market prices in a context of low liquidity of the stock in recent years”, the document reads
Kkcg: "The offer is not aimed at delisting Ferretti."
Kkcg also specifies that the offer is not aimed at the delisting of Ferretti shares and will not lead to Kkcg Maritime exceeding the 30% threshold which would trigger a mandatory takeover bid under Italian and Hong Kong law.
As of the offer document date, KKCG Maritime has not yet selected candidates for its slate for the renewal of Ferretti's board of directors and has not initiated any discussions with Ferretti's directors regarding their potential inclusion on this slate. "By increasing our stake and ensuring adequate representation on the board of directors, we believe we can contribute to defining a more efficient governance structure that will allow management to act with greater agility and respond more effectively to market opportunities," commented KKCG Maritime. Karel Komarek, founder and chairman of the board of directors of Kkcg.
