The board of directors of the Cheetah, the holding company of the De Benedetti family which includes the l'Espresso publishing group and which edits La Repubblica, The print, Il Secolo XIX, many local newspapers, magazines and radios, accepted Exor's offer (financial company of the Agnelli-Elkann family) to take over the 43,78%. It is a revolution for the world of Italian publishing and Exor, chaired by John Elkann, thus assumes control of Gedi.
The price for the sale of the Gedi control package is € 0,46 per share - with a 64% premium onThe stock market value of last Friday - for a total amount of 102,4 million euro. But the cost for Exor will not stop there, because the Agnelli-Elkann finance company will launch the mandatory takeover bid to buy, at the same price, all the shares it does not own.
Naturally before the operation becomes effective it is necessary the go-ahead also from the Antitrust and the European Commission. The De Benedettis will keep a stake in the new publishing company.
“We are committed – he declared Elkann – in a rigorous project to accompany Gedi to face the challenges of the future. In addition to bringing its experience in the sector, also at an international level (Ed. Exor is the reference shareholder of the Economist), Exor will ensure stability to accelerate transformations on a technological and organizational level. Quality journalism – continued Elkann – has a great future if it will be able to combine authority, professionalism and independence with the needs of today's and tomorrow's readers”, also through a significant digital transformation.
Yesterday on MY BAG the Gedi share remained suspended for the entire session of Monday 2 December, while the Cir share, which controls it, recorded an increase of 12,21 percent. Today, 4 December, Gedi shares mark an increase of 59,8% to 0,458 euro, approaching the offer price of 0,46 euro. -5,95% for Cir and +1,18% for Exor.
(Last update: 9.56 am on 4 December).
