Intesa Holding, a company of Venetian tanning entrepreneurs, adheres to the voluntary tender offer promoted by CircularBidCo on Sicit Group, a company active in the sector. On Monday, Intesa Holding tendered the entire package of 9.142.100 Sicit shares it possesses, equal to 40,67% of the share capital.
The acceptance period for the takeover bid opened on 14 June and will end, unless extended, on 7 July next. The offer price, equal to 15,45 euros per share, was deemed reasonable by the Sicit Group Board of Directors after the opinions of Nomura (appointed by the issuer's Board of Directors) and Lazard (chosen by the four independent directors who all voted in favor of the fairness assessment).
Sicit Group, listed on the Milan Stock Exchange, is active in the sector of transforming polluting residues from leather tanning into biostimulants for agriculture and additives for the plaster industry. Intesa Holding has always been the largest shareholder of the company: the takeover bid took place on the basis of agreements with NB Renaissance, a private equity company which controls CircularBidCo.
Once the transaction is completed, Intesa Holding will reinvest the proceeds to indirectly achieve joint control of Sicit with NB Renaissance. “For Venetian tanning entrepreneurs – reads the note – the goal is to remain the sole industrial partner of Sicit and to continue, with the support of the financial partner NB Renaissance, growth on the global market, the development of technologies and new projects, maintaining Italian ownership of a national excellence”.
