EI Towers, 40% indirectly controlled by Mediaset, has launched a public purchase and exchange offer on 100% of Rai Way a € 4,50 per share. The overall evaluation of the Rai transmission company therefore amounts to approx 1,22 billion euros.
After the news of the launch of the takeover bid, this morning Mediaset's share on the Stock Exchange is up 2,55%, to 4,102 euros (the best performance of the Ftse Mib), and that of EI Towers is up 6,3%, 48,50 euros, while Rai Way shares, after having struggled to make up the price, soared: +17,5%, to 4,348 euros. In the same minutes, the Ftse Mib dropped 0,4%.
The transaction provides for the payment of a component in cash, equal to 3,13 euro per share, and a component consisting of 0,03 newly issued EI Towers ordinary shares. The offer envisages a premium of 22,0% with respect to the reference price of Rai Way ordinary shares on 23 February and a premium of 52,7% with respect to the company's debut price on the stock market, which took place on 19 November. The total value of the Offer, in the event of full acceptance, will be 1.225.332.800 euros.
"The payment of the cash component - specifies Ei Towers in a note - is fully guaranteed by a leading international credit institution which will grant a loan to the Offeror to meet the related payment".
Mediaset, for its part, after having "examined and approved the terms and conditions of the operation communicated today by EI Towers to build a national aggregation of the television broadcasting infrastructure", announced that "it will vote in favor of the proposal Of capital increase company in the extraordinary shareholders' meeting of EI Towers scheduled for 27 March 2015”.
