THEpublic purchase and exchange offer (OPAS) launched by Bank Ifis su Illimity is starting to stir the waters among the main shareholders of the bank led by Corrado PasseraTwo pillars of Illimity's capital are taking a stand: Banca Sella Holding, which holds 10% of Illimity, and Andrea Pignataro, owner of 9,4% through FermIon Investment Group. Both seem willing to evaluate the proposal carefully and without preclusions.
Read EVEN: Banca Ifis launches a takeover bid on Illimity Bank
Banca Ifis' offer and the market's reaction
Banca Ifis, controlled by the Fürstenberg family through La Scogliera, has put aoffering mixed: 0,1 newly issued Ifis shares and 1,41 euros in cash for each Illimity share, valuing the stock at 3,55 euros. The offer includes a 5,8% bonus compared to the closing price prior to the announcement.
The operation has also attracted interest on the market. Immediately after the announcement, the Illimity title it jumped by 15%, before stabilizing at 3,84 euros, well above the price offered by Ifis.
Despite the increase, some hedge funds have decided to bet against the title. Point72, Gsa Capital Partners e Pdt Partners have increased the short positions, bringing the total short bets to 2,53% of Illimity's capital, according to Consob data. This strategy suggests that, for some investors, the recent rally has brought the value of the stock closer to its "right" level, in line with Ifis' offer, making it attractive to bet on a future decline.
Nonetheless, the overall movement of the stock tells a story of real interest: the initial rise and stability above the offer price signal that the market is not ignoring the potential of the operation, fueling the debate among investors.
Banca Sella: a first opening
The board of directors of Banca Sella Holding, chaired by Maurizio Sella and led by the CEO Peter Sella, met on Wednesday, January 15 to examine Banca Ifis' offer. In a note released after the markets were closed, the board underlined its interest in "a solid and credible counterpart" and positively assessed "the short- and long-term industrial value prospects" associated with the operation.
The interest of the Piedmontese group appears clear: to continue analyzing the offer, recognizing the potential for synergies and development that the operation could bring to Illimity.
Pignataro: space for pragmatism
From its position as the second largest shareholder, Andrew Pignataro – among the most powerful financial players and entrepreneurs in Italy, founder and CEO of the technology and financial data company Ion Group – has not shown himself to be against the takeover bid. The entrepreneur, through his FermIon Investment Group, has made it known that he is available to evaluate the offer without prejudicial closures. A pragmatic attitude, which reflects his long experience in financial markets and the willingness to explore all strategic options.
The position of the Illimity board
Corrado Passera (who holds 4% of the capital of the group he founded) and his board, However, they didn't stick their necks out. Last Friday, the administrators reiterated that the takeover bid is “not solicited nor previously agreed upon” and that all strategic options will be considered. A thoughtful attitude that leaves room for further developments in the coming days.
The opening of Banca Sella and Pignataro represents a first sign of interest in the operation proposed by Ifis. If other shareholders follow the same line, the path to integration between Illimity and Banca Ifis could become more concrete.
