A step back to look forward. Ovs aims to acquire Coin, the company that until 2014 was its parent company.
Through a note, Ovs announced that it has signed up with all Coin shareholders a letter of intent relating to the possible acquisition of 100% of the share capital of the same.
Ovs' letter of intent: acquisition by November 2022
The letter of intent provides that Ovs has "the exclusive right to initiate and conduct a due diligence phase, during which the board of directors will make use of external consultants, with the aim of reaching - in the event of a satisfactory outcome for Ovs and obtaining all the necessary authorizations – to the completion of the acquisition by the end of November 2022".
Given the presence of Stephen Beraldo, managing director of Ovs, among the shareholders of Coin, the acquisition falls under the discipline of transactions with related parties. The Ovs board then resolved to continue implementing the treasury share purchase program for an amount up to a further 10 million.
The announcement in Piazza Affari: Ovs stock gains
Following the announcement, in Piazza Affari the title Ovs, listed on Euronext Milan, gains 2,66% to 1,623 euros per share despite the caution shown by analysts: “In the heat of the moment, the asset does not seem particularly interesting to us due to the low profitability it has always generated - writes Equita - The aggregation with OVS extension it would again dilute the group's margins and business model. Clearly, the evaluation of a possible transaction requires a more in-depth analysis of the current economics, the price, the synergies (but the two assets had been separated due to the scarce existing synergies) and the growth opportunities”.
