Twenty-four hours after the challenge for control of RCS Mediagroup, Bonomi and partners - between shares already owned and subscriptions to the takeover bid - can count on 30,4% of the capital. The challenger Urbano Cairo follows him with 22,03%. These are the figures available so far while the offers will close on Friday 15 July and the final sums will be drawn.
The takeover bid by Urbano Cairo which proposes a share swap at 0,18 and a cash portion of 0,25 euros and the takeover bid by International Media Holding which offers 1 euro in cash for each share contributed. The latter consortium, made up of Investindustrial and four 'historic' shareholders of RCS (Mediobanca, Diego Della Valle, Pirelli and UnipolSai), has already added up the 30,4% deriving from the share of the shareholders (22,6%) plus the package of shares purchased and communicated yesterday (2,18%) and 5,6% of the capital accumulated today, Thursday. For its part, the Cairo takeover bid reached 22,03% of the capital, with the contribution during the day of another 56,05 million RCS shares, equal to 10,7% of the capital. Many of the adhesions that arrived during the day to the offer of the patron of La7 are attributable to investment funds. Tomorrow the final count, even if provisional, which will already give an indication of the prevailing offer. The final results will be released on Monday morning.
Both offers envisage that their effectiveness is conditional on the minimum level of participation: 50% plus one share in the case of the Urbano Cairo takeover bid and 66,7% in the case of the International Media Holding consortium, but both bidders have subsequently specified in their offer prospectuses to reserve the right to waive this condition by identifying a minimum threshold equal to 35% plus one RCS share in the case of Cairo and 30% plus one share in the case of the Imh offer. The latter, today, therefore exceeded the minimum threshold, taking a clear advantage over the offer of the owner of La7. Tomorrow we will see if the takeover bid will also be able to reach and exceed its 35% plus one share.
