Last call for Banca Ifis' takeover bid for Illimity. Three days before the expiry of the offer (Friday 27 June), the institute led by Frederik Geertman is putting a incentive extra to push memberships: a 5% cash prize of the basic consideration, i.e. 0,1775 euros for each Illimity share granted, provided that the threshold of 90% of the capital is exceeded.
The aim is to convince the shareholders who are still undecided and push the accessions, stopped at the moment to 25,7%. If the goal is reached – he writes Milano Finanza – the overall value of the operation (net of the 0,92 euro dividend distributed by Banca Ifis last May) will rise to approximately 313 million euros.
Opas Banca Ifis-Illimity: increased premium for those who join
According to the new scheme, each Illimity shareholder who joins will receive for each Illimity share 0,10 Banca Ifis shares and a share in cash: 1,5 euros if 90% is not reached, 1,68 euros if the threshold is exceeded.
Practically, who joins could take home 3,728 euros per Illimity share, calculated on the basis of the adjusted price of Banca Ifis on January 7 (21,366 euros). All with a premium of 11,1% compared to the reference price.
Delisting is the goal, but Passera doesn't give up
The ultimate goal of the operation is clear: to obtain the delisted of Illimity and start the integration between the two banking entities without obstacles, as foreseen in the offer document. In the absence of 90%, the merger remains technically possible, but it would be more complex and expensive.
The offer, however, clashes with theopposition of a group of shareholders, led by the founder of Illimity Corrado Passera, which promoted a consultation agreement against the operation. As a result, Banca Ifis raised the minimum effectiveness threshold from 45% to 60%: if it is not reached, the OPA will lapse.
Despite the resistance, the market seems to react positively to the offerer's strategy: the increase in the premium has strengthened the attractiveness of the offer, a sign that the game is still open and could reserve surprises until the last day.
