On the first day of Ion’s takeover bid, Cerved Information Solutions shares continue to travel above the offer price judged «not congruous» by the board of directors. At Piazza Affari Cerved, a group of data and information for companies, it is now at 10 euros, when the price of the takeover bid is equal to 9.5 euros, with a premium of 18% compared to the closing price of the stock the day before of the offer announcement. The period for joining the takeover bid ends on 5 August next.
The board of Cerved – based on the assessments of the advisors – indicated that the price recognized by the takeover bid “is not adequate” and “does not adequately remunerate the shareholders” because it does not incorporate the prospective value of the shares expected from the execution of the industrial plan and moreover, “it precludes shareholders from accessing the benefits expected from the possible sale of Cerved Credit Management Group” for which there is negotiation with some private equity funds. Furthermore, for the board of directors, the assessment made by the offeror does not reflect the synergies deriving from the integration of Cerved into the Ion group founded by Andrea Pignataro.
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Equita analysts reiterated this morning the “buy” judgment on 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 achieve delisting); the fact that, should Ion obtain a share of between 10% and 50% at the end of the offer, the stock would continue to enjoy speculative appeal with the take-up price which has become the reference for the market price; the security 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”.
(Il Sole 24 Ore Radiocor)