New step for the Sicit takeover bid. Acceptances of the voluntary and total public tender offer - aimed at the delisting of the company that transforms the processing residues from leather tanning into protein hydrolysates, mainly used as biostimulants for agriculture and retardants for the leather industry plaster – closed on Friday 9 July with subscriptions equal to 84,38% of the shares. Circular BidCo waives the pre-established condition of achieving 95% of the shares and reopens the terms for subscriptions, extending them from Monday 19 to next Friday, July 23. The consideration offered is 16,80 euros per share, after the relaunch occurred on 6 July lasted from the initial 15,45 euros. The objective remains the delisting which could now take place via merger by incorporation if the extension of the offer does not give the expected results.
“The promoters of the takeover bid have expressed great satisfaction with a result which in any case allows them to maintain national control of Sicit with a single reference industrial shareholder, Intesa Holding, and a financial partner such as NB Renaissance, a private equity company which heads Circular BidCo, able to support the further development of the company”, underlines the press release with which Circular BidCo announced the extension of the terms of the offer.
The offer of 16,80 euros per share maintained for the reopening of the takeover bid - the promoters underline - expresses an implicit valuation equal to 15,3 times the ratio between the company's value (EV) and the 2020 adjusted EBITDA communicated by the company (EBITDA).
At the time of the operation that had brought Sicit Group to the Stock Exchange through the SPAC SprintItaly, the valuation of Sicit Group corresponded to an implicit multiple EV/Ebitda 2017 equal to approximately 7 times. In the period between the listing of Sicit Group and the announcement date of the tender offer the average EV/Ebitda multiplier was 8,9 times.
NB Renaissance, a private equity company of the Neuberger Berman group, is led by an Italian management and dedicated to investments in Italian companies of excellence. Intesa Holding has undertaken to reinvest the proceeds of the takeover bid to acquire an equal stake with NB Renaissance in the indirect control of Sicit Group, a world leader in transforming tanning industry residues into biostimulants for agriculture and retardants for the gypsum industry, creating a sustainable circular economy model.
Intesa Holding will also express the management of Sicit.
