The stock on the Stock Exchange of Seat Yellow Pages opens sharply down (-6,3%, at 0,0044 euro) after the announcement of the integration with Italyonline by Naguib Sawiris. The operation will take place in two stages.
The first involves the contribution of 53,9% of Seat to the funds managed by Avenue and GoldenTree in exchange for newly issued shares of Italiaonline. The second is the mandatory takeover bid on Seat's free float at a price of 0,0039 euros per share (yesterday it closed at 0,0047 euros). Following the operation, the merger of Italiaonline into Seat is envisaged.
Basically, Seat Pagine Gialle is losing ground but does not immediately adjust to the price of Sawiris's takeover bid: a sign that among the operators of Piazza Affari there are those who are betting on a possible improvement in the offer.
