The details of the takeover bid launched by NB Renaissance through CircularBidCo su Sicit Group, a company listed on the Star segment of Borsa Italiana, active in the agrochemical and industrial sector.
The note shows that the membership period will begin the 14 June and will end, unless extended, on July 7, with the payment date of the fee scheduled for July 14th.
For each Sicit Group share, CircularBidCo offers 15,45 €, equal to the consideration of 16 euros announced on 16 April 2021 from which the dividend of 0,55 euros distributed by Sicit Group on 12 May had to be subtracted.
The offer incorporates Award by 17,9% in 6 months and by 25,8% in 12 months compared to the weighted average of the official prices prior to the announcement date.
The consideration expresses an implicit valuation equal to 14 times the ratio between the value of the company (EV) and the adjusted gross operating margin for 2020 communicated by the company (Ebitda).
La Consob approved the offer document with a resolution dated June 4th.
Completion of the tender offer is conditional on CircularBidCo reaching 95% of Sicit's shares, unless this condition is renounced and also agreed with Intesa Holding. The latter, in turn, undertook to accept the offer by accepting its 40,67% and reinvesting the proceeds to acquire an equal stake with NB Renaissance in the indirect control of Sicit.
The offer document can be consulted on the opasicit.it website.
