Vodafone launches a public purchase offer at 1,49 euros per share on Cobra Automotive Technologies. The operation is part of the framework agreement signed between the Intek group and Vodafone Global Enterprise.
A note from the English group explains that Intek and Serafino Memmola (also through their subsidiaries) have undertaken to tender all the Cobra shares they own for a total of 73,956% of Cobra's capital.
The shares held by the company chaired by Vincenzo Manes – who joined Cobra in 2011 – amount to 51,4%, for a total value of 74,33 million, based on the price offered. For Intek, if the takeover bid goes through, the operation would translate into a capital gain of around 42 million at the book values as at 31 March 2014.
Cobra, of which Memmola is president, is a telematics and electronic services company for the car. For the agreement to be valid, Vodafone must hold at least 95% of the capital and the acquisition must be approved by the competent Antitrust authorities.
