They leave these days public offers on Rcs Mediagroup: on the one hand that of the exchange of the Alexandrian editor Urbano Cairo who snap today in Piazza Affari, on the other, the purchase of the private equity fund Investindustrial of Andrea Bonomi and of the large shareholders (Mediobanca, Della Valle, UnipolSai and Pirelli).
On the plate is the publishing house that publishes Corriere della Sera and Gazzetta dello Sport in Italy and Marca and El Mundo in Spain, and which today is match down by 0,3% in Piazza Affari but clearly countertrend with the market which, at 11,10 collapsed by 2,5%. Rcs scanbia at 0,77 euros per share, a value higher than that of the offer of the newco headed by Bonomi, which offers 0,7 euros in cash.
Bonomi's takeover bid will start on 20 June and will end on July 15, and will settle for 30% of the shares (plus one) to be considered valid. More investments and priorities for digital development, expansion in the world of sporting events and consolidation of the News business are the strategic objectives of the plan of the alliance formed by Bonomi through International Acquisition Holding (Luxembourg fund controlled by its Investindustrial), by Diego Della Valle, Mediobanca , UnipolSai and Pirelli (ChemChina), reunited in International Media Holding, the vehicle promoting the takeover bid which already counts on 22,6% of Rcs shares contributed by Della Valle (7,32% ), Mediobanca (6,35% ), UnipolSai (4,59% ) and Pirelli (4,43% ). Bonomi controls 45% of International Media, while the remaining 55% is divided equally by 13,75% among the other allies.
By the 17 June however, the opinion of the RCS board is awaited, which is its own on Friday it unanimously rejected the ops competitor of Cairo Communication, departing already today (until 8 July). Cairo offers the exchange of 0,12 Cairo shares for each Rcs share, a price that values the publishing house's title at 0,53 euros, well below the current stock market value (0,77 euros) or from the values indicated from the fairness opinions of the RCS board advisors (between 0,80 and 1,31 euro).
The two offers are also very different with regard to future management: both envisage that RCS will still be listed on the Stock Exchange, but the consortium of Bonomi and historical partners is also available to subscribe pro quota a capital increase up to 150 million euros, while Cairo Communication will propose a merger with RCS only if RCS' financial situation is deemed satisfactory.
