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Illimity: Banca Ifis takeover bid not agreed, no option excluded

The board of directors of illimity Bank in an extraordinary session has “taken note” of the takeover bid on 100% of its Banca Ifis shares. The board underlines that “illimity will express its opinion on the offer with the timing and according to the methods established by law”

Illimity: Banca Ifis takeover bid not agreed, no option excluded

Illimity Bank confirms that the public purchase and exchange offer di Bank Ifis “was not solicited nor previously agreed upon”. The board of directors takes note of this and does not exclude any strategic option. This is what can be read in a brief press release issued Friday evening by Banca Ifis after an extraordinary meeting two days after the announcement of the operation. The board will express its opinion on the offer "within the timeframes and according to the methods established by law" and underlines that "the group's activities continue as planned or already communicated, including the preparation of the new business plan, without neglecting any strategic option that can contribute to the objective of creating value for shareholders and for all the bank's stakeholders".

An acknowledgement that allows illimity to wait for the filing of the information prospectus with Consob, expected within the next 28st January, before expressing an opinion, postponing the examination of the dossier until shortly before the 10 February, when the preliminary accounts are approved.

Illimity and Banca Ifis: enthusiasm down on stocks at Piazza Affari

Meantime the enthusiasm for the stocks in Piazza Affari has died down. After a rise of over 10,6% that had brought the stock to 3,75 euros on Wednesday, followed by a new jump of 4,7% to 3,92 euros the day before, illimity Bank lost 1,9% yesterday to 3,81 euros, remaining well above the 3,55 euros recognized by Banca Ifis, partly in cash (1,414 euros) and partly in new shares (1 for every 10 delivered). The same happened to the offeror (-1,41% to 22,4 euros). The Venetian bank had risen by 2,43% at 21,88 euros two days ago, to replicate the rise (+3,84% to 22,72 euros) the following day.

Illimity: the offer and the valuation on the stock exchange

Banca Ifis' offer is "friendly" but it is undeniable, after two days of silence, the surprise with which it was received by illimity and by Corrado Passera, founder and CEO. The stock market valuation well above the offer indicates that the market expects a relaunch, excluded instead by analysts in the absence of significant news. The opinion of the relevant shareholders, who have so far maintained confidentiality on the operation, will be decisive. In addition to Passera (4%), the shareholders include Banca Sella Holding (10%), the Fermion Investment by Andrea Pignataro (9,4%), the Fidim of Rovatti (7,7%) and the funds Tensile Capital (7,3%) and Atlas Merchant Capital (6,3%), which together form a block of almost 45%.

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