Great maneuvers on Vittoria Assicurazioni, which takes off from Piazza Affari. Vittoria Capital has launched a public purchase and exchange offer on the company's free float, equal to 40,76% of the capital at 14 euros per share. Alternatively, shareholders will be able to receive 1,4 shares of Vittoria Capital. The maximum value of the offer, aimed at the delisting, is 385 million euros and incorporates a premium of 20,1% compared to yesterday's closing. The stock on the Stock Exchange immediately adjusted to the takeover bid price: +19,73%, at 13,96 euros per share.
Vittoria Capital, which already owns 51,15% of the insurance company, is headed by Carlo Acutis together with Yafa Holding. At the same time, the latter controls 82% of Vittoria Capital and 8,09% of Vittoria Assicurazioni. On the other hand, the entire share capital of Yafa Holding is held by Yafa Spa, a company referable to Acutis itself, which therefore directly controls 59,24% of the company.
Vittoria Assicurazioni has been listed on Piazza Affari since 1988 and has been present in the Star segment since 2001. The objective of the delisting, explains Vittoria Capital in the document relating to the takeover bid, is to simplify the governance of the group. The operation will go through if at least 95% of the company's capital is conferred in takeover bid. Vittoria Capital's advisors are Ubs Investment Bank (financial advisor) and the law firm Gianni, Origoni, Grippo.
According to Equita, "at the offer price (20% and 16% premium compared respectively to yesterday's closing and the 6-month average) Vittoria is trading at 11,6 times the price/earnings ratio on the estimates for 2018 and 12 times the PE estimated on 2019”.
