Retex challenges the market with a takeover bid for Alkemy, but not everyone agrees
Giovanni Tamburi, founder, president and CEO of Tip (Tamburi Investment Partners SpA) stands in the way of the 100% takeover bid launched by Retex (controlled by Fsi) on Alkemy. Another company is preparing to leave the Italian stock exchange list with the public purchase offer of Retex, a group overseen by the Fsi Sgr fund, directed by Maurizio Tamagnini, launched on Alkemy, a company active in the same sector and listed on the Star segment of Piazza Affari. There is also teaming up with Retex Duccio Vitaliwho is CEO of the small and medium-sized company and who holds 11% of the shares and 17.87% of the voting rights.
As relaunched by Milano Finanza, the acquisition offer stands at 12 euros per share (a value that incorporates a premium of 20.87% compared to the official price of the shares); a price that triggered the discontent of Giovanni Tamburi, who with his StarTip does not intend to join and therefore deliver his shares, considering the price “excessively low”, and that therefore he will not deliver his shares. A state of mind that of Tamburi which seems to be shared also by other important investment funds, which could, if they decided to act in synergy, orinterrupt the delisting process requested by Retex.
However, Alkemy’s performance on the stock market yesterday saw a rather notable appreciation, with an increase of 19.8%, reaching 11.6 euros per share, a lower value than that of the takeover bid. This demonstrates a reaction from the market which, despite the resistance, seems to look favorably on the maneuvers underway.
Retex’s proposal aims to incorporate an increase in value compared to Alkemy’s official share price, leveraging a premium of 20.87% based on the value recorded at the end of May. Having entered the stock market in December 2017, Alkemy did not sail in calm waters, losing around 25% of its value, a decline also influenced by the lack of liquidity, peculiar to companies with less large capitalisation.
Who is Giovanni Tamburi?
The Tip of Drums is independent and diversified industrial group founded in 1992 and focused on the development and growth of medium-sized Italian companies as well as being listed for over 15 years on the STAR market (Company with “High Requirements”) of the Italian Stock Exchange, with a capitalization of approximately two billion euros. TIP is a “Public Company” which has in its capital over 100 families of Italian entrepreneurs, some among the most prestigious international institutional investors and management, of which Giovanni Tamburi is the main partner.
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