A few hours after the rejection of the board of directors of Cerved of the 9.50 euros put on the table from Ion of Andrea Pignataro, the market is already betting on a raise. In fact, on the first day of the Ion takeover, the titles Cerved continue to travel above the offer price that is it open today and closes on August 5th. At Piazza Affari Cerved rises by 0.71% to 9.97 euros, with a maximum reached at 9.985 euros. The price of the offer incorporates a premium of 18% compared to the closing price of the stock the day before the offer.
Based on the assessments of the financial advisors Mediobanca and Ubs, London Branch and Morgan Stanley, yesterday evening, the board of Cerved indicated that the price recognized by the takeover bid “is not appropriate” is “does not adequately remunerate shareholders“because it does not incorporate the prospective value of the shares expected from the execution of the industrial plan and, moreover,” precludes shareholders from accessing the expected benefits from the possible sale of Cerved Credit Management Group“for which there is a negotiation with some private equity funds.
For the advice also the valuation made by the bidder does not reflect the synergies deriving from the integration of Cerved into the Ion group. The analysts of Equity this morning they reiterated their “buy” judgment on the Cerved stock “considering it possible that there could be a relaunch” in light of three factors: “Ion’s strategic interest in obtaining a controlling stake in Cerved (and potentially achieving the delisting); the fact that, should Ion obtain a stake of between 10% and 50% at the end of the offer, the stock would continue to enjoy appeal speculative with the takeover bid price which has become a reference for the market price; the stock is already trading above the takeover bid “.
The target price remains at € 9.2 but, the experts specify, it was “defined before the launch of the offer” and “reflects only a fundamental assessment, on which we believe it is however necessary to apply a control premium”.