The Lazio Regional Administrative Court upheld the appeal presented by Hitachi in the context of which the suspension was requested of the resolution with which Consob imposed on the Japanese company the increase in the price of the takeover bid on the float of Ansaldo Sts from 9,50 to 9,899 euros on the eve of the offer expiry.
The Administrative Court also rejected the request of the Amber fund to suspend the tender offer period pending the setting of a fair price.
This was decided by the president of the second section quater who issued a monocratic decree and set the precautionary hearing for 15 March. No further details are currently available, but according to sources close to the dossier, the tender price will remain the same as before Consob's intervention.
We recall that last February 3, through a resolution, the National Commission for Companies and the Stock Exchange had forced Hitachi to raise the price of the takeover bid on Ansaldo, after the purchase of about 40% of Finmeccanica. At the same time, the Authority extended the deadline for the offer which will therefore close tomorrow, February 19th.
Hitachi requested in the appeal "the annulment of the Consob resolution with a simultaneous request for precautionary measures aimed at suspending the effects of the same, also in light of the serious and irreparable damage that the provision, in the meantime, would cause to the bidder".
