Historic appointment today at the Milan Press Club. It is here that Urbano Cairo, from Piedmont, president of Torino Calcio, will present himself to the media as editor of Corriere della Sera, the first after thirty years of condominium at the helm of via Solferino.
The duel with the consortium led by Andrea Bonomi for the leadership of RSC ended on Friday evening with the success of Cairo Communications' takeover bid, which raised 48,8% of the capital against 37,7% of the competing offer led by the financier. The orientation of the funds was decisive for the success, which, by a large majority, preferred the mixed offer (paper plus cash) of the publisher of La7.
The outcome of the offer will be officially communicated today by Consob. For another 5 days that 13% of shares that went to Bonomi will be able - by law - to migrate to Cairo, which therefore has the possibility of rising to almost 62% of RCS. Consequently, Cairo Communicaton's cash outlay (25 cents per share) may vary between a minimum of 63 million (of which 6 to itself), up to a maximum of approximately 80 million.
Similarly, Cairo's controlling share of his company, currently at 73%, will be diluted in a range between 46,5 and 51,1%. In any case, Cairo has already announced that, if it stops at 46%, it will buy up to 5% on the market to get back above the absolute majority stake. A Cairo Communication meeting is scheduled for today to discuss various topics: a proposal to increase the share capital of 70 million, issue new shares and amendments to the Articles of Association.
“A good result, beyond my wildest expectations – commented Cairo – I couldn't imagine a better result. There was a good predisposition on the part of the funds. I'm really happy. Now you have to do a great job in the company and what I want to do is have all the powers and understand when a euro comes out, why it comes out and how it comes out”.
Dal canto suo, International Media Holding, the company that brings together the historical partners, controlled by Bonomi, announced that it will return the RCS shares tendered for the 1 euro tender offer, adding that "the condition on the minimum quantity has not been met" and therefore "the offer is to be considered ineffective".
It is not yet known how that part of RCS shareholders who had handed over their shares to Bonomi will behave. Five trading days, starting from Thursday 21 July, It's time to make your decisions. Then Consob will have to establish whether the Bonomi consortium will still be able to keep the remaining shares after any "migrations".
Cairo has already declared that it waives the condition relating to the minimum membership threshold (50% plus 1 share), since it can already exercise de facto control over the publishing group and in any case has 48,8% of the shares. Amount that will in any case allow him to appoint the new RCS Board of Directors with himself in the role of Chief Executive Officer to restructure and relaunch the publishing house, "starting a new course", as he had never tired of repeating while dreaming of a successful conclusion to the operation.
