Goal achieved. Circular BidCo, the company promoting the Sicit takeover bid, reached 90,34% of the share capital – including treasury shares held by the company. Exceeding the 90% threshold results in the delisting of Sicit, the declared objective of the offer. This was stated by the vehicle used for the takeover bid in a press release.
On the first day of reopening of the subscription period, Monday 19 July - period which will end on Friday 23 July - Circular BidCo in fact purchased 16,80 Sicit shares (equal to 217.500% of the capital) at the price of 0,96 euros per share, to which were added 11.708 shares brought in acceptance of the tender offer. On the eve of the reopening of the terms Circular BidCo had come to hold 88,26%, to which must be added 1,07% of treasury shares held by the company.
In this scenario, the conditions would exist for the application of the purchase obligation procedure pursuant to Article 108 of the Consolidated Law on Finance, according to which Circular BidCo would have the obligation to purchase Sicit shares from all those who did so. request.
“The final objective of the operation – concludes the note – is the indirect joint control of Sicit by Intesa Holding, which brings together the tanning entrepreneurs from Vicenza, and NB Renaissance, the private equity company which Circular BidCo heads. Intesa Holding, already the largest shareholder of Sicit and adhering to the takeover bid, will be the sole industrial shareholder of a world-leading company in technologies for transforming tanning industry residues into biostimulants for agriculture and additives for the gypsum industry. Sicit will remain Italian and will be able to develop with the guidance of the management expressed by Intesa Holding and the financial support of NB Renaissance.
In any case, those who still hold Sicit shares have until Friday to bring them in acceptance of the tender offer at the price of 16,80 euros.
