(Image source: Imagoeconomica)
Atlantia, the scheme should be that of a newco 60% owned by Edizione and 40% owned by Blackstone
Everything is ready forTakeover bid of the family Benetton up Atlantia: the title, still cautious in Bagis awaiting the Board of Directors of Edition which should kick off the takeover bid with Blackstone to remove the investee from the list. TO Piazza Affari the holding earns 0.28% to 21.78 euros not far from the threshold of 22 euros, where the offer price could be, based on the market displacement, which on the eve gave a value of 22-23 euros or slightly higher. At the close of the stock market, the stock marks +0.78.
The defensive move, as defined by analysts, supported by the American fund Blackstonewould aim to prevent hostile offers from institutional investors interested in a listed company that is about to receive an 8 billion euro check for the sale of 88% of Highwaysof which half, approximately 4 billion, in the hands of Deposit Fund: a valuation between 18 and 19 billion and a shareholder premium of approximately 30% compared to the performance of the stock in the last six months.
But not only Blackstone: the family Benetton that with Edition controls the holding with 33.1% and aims to involve the other historical shareholders in the game: the sovereign fund of Singapore Gic Pte and Fondazione Cassa di Risparmio di Torinowhich together control 13% of Atlantia. According to the latest rumors they would be ready to join the plan and therefore to participate in the takeover bid. The objective is precisely to “defend the holding from further external attacks”, detect it, then delist it, or take it off the stock exchange.
Only a short time ago Atlantia had ended up in the crosshairs of Florentino Perezpresident of Real Madrid, together with the interest of Gip and Brookfield funds. The Iberian consortium was thinking of an offer that was not “hostile” to the holding company. Premise that he had not completely convinced the board. Now, according to what Corriere della Sera writes, the scheme with which the operation will take place should be that of a newco controlled 60% by Edizione and 40% owned by Blackstone.
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