Italian Electronics Holdings sold 17,5 percent of Unieuro through an accelerated bookbuilding procedure. Ieh explains it in a note, which – given the amount of applications received – has decided to increase the number of Unieuro shares being sold, bringing them to 3,5 million. The sale price was equal to 16 euro per share, which includes a discount of approximately 7% compared to the last closing price of Unieuro before the announcement of the offer. The total consideration reached 56 million. The settlement of the transaction is expected on 8 September 2017.
After the conclusion of the Offer, Ieh continues to maintain a relative majority stake in the company equal to 48% of the capital. The transaction will also lead to an increase in the free float of Unieuro. Ieh has signed a commitment not to dispose of further Unieuro shares for a period of 90 days from the settlement date of the transaction. During this lock-up period, subject to some exceptions in line with market practice and similar to those assumed during the initial public offer of Unieuro, IEH will not be able to implement any act of disposal of Unieuro shares without the prior consent of the Joint Global Coordinators.
By mid-morning, the Unieuro share dropped by 5,35%, to 16,29 euros.
