Bonomi and historical partners raise up Rcs and the stock market share of the publishing group adjusts to the new offer. In mid-morning, the increase was 4,86%, to 0,799 euro, in line with the 0,8 euro per share (cash) placed on the International Media Holding (Imh), which includes Investindustrial, Mediobanca, Della Valle, Pirelli and UnipolSai. The takeover bid for the consortium started last Monday and on Friday the offer was raised by 10 cents compared to the previous 0,70 euro per share.
At this point the other contender, Cairo communication, he has until next Friday to come forward with a re-raise. The match, however, has become more complicated for the company led by the patron of La7 and Turin.
According to the analysts of ICBPI and Akros, the relaunch of IMH recreates a strong gap with respect to the Cairo OPS, which to balance the accounts should bring the exchange ratio of its offer from 0,16 to 0,19. A change of this magnitude would have an additional dilutive effect on Urbano Cairo's share post-Ops of approximately 3,1% (from 35,3% to 32,2% in the event of full membership).
Previously, Cairo had already raised the exchange ratio from 0,12 to 0,16 shares of his company for each RCS share, with an implicit valuation of RCS at around 0,66 euros based on last Friday's prices.
Moreover, Intermonte points out that even if Cairo decides to raise again, a counter-move also by Imh cannot be ruled out.
This morning, the Cairo Communication share on the Stock Exchange lost 3,53%, to 4,102 euros.
