Urbano Cairo is very confident about the outcome of the negotiations regarding RCS which could lead him to lead the Rizzoli Corriere della Sera publishing group to the detriment of the consortium directed by Andrea Bonomi.
This was stated by the number one of Cairo Communication himself, on the sidelines of the presentation of the La7 schedules. And for some reason we have seen that, according to data released by Borsa Italiana, Urbano Cairo's takeover bid collected over 49 million shares on Tuesday alone, for a total since the start of the offer (13/6) of 49,6 .9,5 million shares and equal to 8,2%. As regards the tender offer by International Media Holding, the day saw the participation of a total of 8,6 million RCS shares, which rose to 2,1 million or 0,18%. Cairo is offering a share swap of 0,25 plus a cash portion of 1 euro, while the consortium made up of Investindustrial, Mediobanca, Della Valle, Pirelli and UnipolSai is offering XNUMX euro in cash for each RCS share contributed.
The entrepreneur made it known that he had discussions with many international investors and various advisors. Precisely the latter would have suggested to him to aadd the cash component when the offer is relaunched. “In the final hours we decided to add the 25 cents”, declared the president, pointing out the differences between the plans proposed by the two companies involved in the tender: “My plan is totally different from theirs. They haven't launched anything new for ten years, except for Gazzetta TV which closed after eight months".
Urbano Cairo, however, underlined that he was not surprised by the preference expressed by the RCS board of directors towards the proposal made by the Bonomi consortium: "the board's heart beats for Bonomi's takeover bid and, with all the good that can be wished to it, this council was appointed by the four members of the consortium plus Fiat and minus Bonomi. It would seem strange to me that they were more inclined to my offer”. Consequently, the publisher reiterated his willingness to make a change in the supervisory bodies of the via Rizzoli group, in the event that he proves to be the winner of the dispute, however confirming the director of Corriere della Sera, Luciano Fontana: " the newspaper has a director and journalists who are independent”.
During his speech, Cairo provided some previews of the projects to be implemented in the event that he manages to win. The president announced that he is ready to buy Cairo shares explaining that noIf he managed to reach 77% of RCS, his stake would be diluted up to 41% in Cairo communication: "I love to control 51%", he underlined, "and therefore, at that point, I would immediately launch a Reverse accelerated bookbuilding on 5% of Cairo communication shares to reach up to 46% and avoid the takeover bid". “I want to give a lot of liquidity to the stock – she added – and, right now, I am operating and working to win the game”.
Another important anticipation concerns the future of the Board of Directors: "In the event that our offer on RCS collects around 40% and that of Imh's competitor has 35%, we with our 40% can revoke the current board of directors and appoint another one. I could govern and take the proxies. The prevailing takeover bid is the one that wins, there is no doubt”.
It should be emphasized that the aims of RCS do not call La7 into question: "I keep it close in all cases".
At the "end of the game" the consortium that manages to hold the highest stake in the capital of the Rcc group will prevail. Cairo currently holds 4,7% and could consider its offer valid if it manages to obtain 35% of the capital plus one share. The Bonomi consortium, which currently owns 22,6%, would like to reach 30% plus one share "provided that the share gives us the opportunity to govern the company".
The deadline for applications is set at 17pm on Friday 15 July. By 7.59 in the morning of 18 July both contenders will have to disseminate the provisional results of the adhesions while the definitive ones will arrive only later, on 21 July to be precise.
It will be at that moment that the consortium bidders will have to give an answer on the waiver of the effectiveness clause (for Cairo set at 50% plus one share and for the Bonomi consortium at 66% plus one share).
Subsequently, from 22 to 28 July, those who have accepted the losing offer will have the possibility to decide whether to deliver the shares to the winning offer or keep them in portfolio.
At this juncture it must be emphasized that on Piazza Affari, the Rcs share closed today's session up 0,8% to 0,987 euro, while shares of Cairo Communication ended the day with a rise of 2,7% to 4,57 euro in the wake of data on advertising sales, which in the first quarter of 2016 recorded growth of 5% for magazines and 2% for the two TV channels.
Finally, a mention of the new La7 schedule: diMartedi' by Giovanni Floris doubles with another episode in the late evening which will deal with culture and the great Italian treasures. Luca Telese is back with the news, there will be a new "Eccezionale Veramente" with Diego Abatantuono and Sabina Guzzanti will participate in Piazzapulita which will always be conducted by Corrado Formigli.
Also planned are new specials by Enrico Mentana. Andrea Scanzi will make his debut in the summer with the new program on football Futbol and from September Giovanni Minoli, on Sunday evenings, with Face to Face. According to the new La7 schedule presented today in Milan by publisher Urbano Cairo, the entire team has been confirmed with the exception of Maurizio Crozza who switches to Discovery. In September, however, there will be the last 11 episodes of the comedian in his Wonderland and the cover of diMartedi'.
