Banca Generali launches a totalitarian takeover bid on Intermonte
Generali Bank is aiming for Intermonte. The credit institution has launched a voluntary public cash purchase offer for all the ordinary shares of Intermonte Partners Sim Spaat a price of 3.04 euros per share, including a premium of 24.0% on the average of the stock over the last 3 months, as disclosed in today’s communication pursuant to art. 102 of Legislative Decree 24 February 1998, n. 58 and art. 37 of Consob Regulation 11971/1999 (Communication 102). This is reported in a note specifying that in the event of full acceptance of the offer by all holders of the 32,300,000 ordinary shares subject to the offer, the maximum overall value of the offercalculated on the basis of the consideration per share, will be equal to 98.2 million euros. The objective, it is reported, is to collect at least 90% of Intermonte’s shares in order to allow it to delisting.
– “Banca Generali is aiming, thus – it is explained, to integrate into its banking group Intermonte, a leading independent broker with a leadership position on the Italian market and thirty years of consolidated experience and success. Intermonte presents characteristics of excellence in its areas of activity – Negotiation & Trading, Global Markets, Investment Banking and Digital Division & Advisory and Research – which are complementary and synergic to the activity of Generali Bank and its private positioning, with particular proximity to entrepreneurs and small and medium-sized enterprises (SMEs). The operation is part of the plan to strengthen Banca Generali’s growth aimed at creating value for all stakeholders through a further differentiation of its positioning with respect to peers, with the development of distinctive professional skills alongside increasingly in-depth solutions for asset protection and advisory”.
“The integration of Intermonte – it is further underlined – will allow to internalize a part of the value chain in trading and in the derivatives activity. But above all, it will open up further important opportunities in the privileged relationship that the Bank has been able to build with the customer base entrepreneurs and businesses, where there is an increasing demand for professional consultancy for strategic choices. The contribution of experience and the skills of Intermonte in investment banking and corporate advisory, in fact, they strengthen a priority area of development for clients at the helm of companies and, with the expansion of the services dedicated to it, they further strengthen the relationship of trust linked to the professionalism of its consultants”.
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