Home » De Agostini launches a takeover bid on Dea Capital at 1.5 euro

De Agostini launches a takeover bid on Dea Capital at 1.5 euro

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De Agostini launches a takeover bid on Dea Capital at 1.5 euro

Indiscretion about a share reorganization of Dea Capital had been circulating in financial circles for several months. In the end it arrived, even if not in the way we thought, that is through the offer of an external player. But this passage seems only postponed to the future.

The operation

Nova, a company wholly owned and subject to the direction and coordination of De Agostini, has launched a voluntary public purchase offer for all the ordinary shares of DeA Capital at 1.5 euro per share cum dividend, with the aim of delisting from Euronext Star Milan of Borsa Italiana. To date, De Agostini controls 67.062% of DeA Capital. Nova intends to acquire 85.73 million shares, equal to 32.156% of the capital of DeA Capital (the share that De Agostini does not already hold). The maximum equivalent value of the offer, in the event of acceptance by all the holders of the shares, will be equal to 128.596 million euros. The premium will be 31%. For Nova, which does not intend to restore a free float sufficient to ensure regular share trading, the delisting will ensure greater management flexibility and cost savings for Dea Capital. As an unlisted company, characterized by greater operational and organizational flexibility, DeA Capital will be able to accelerate its investment and value creation strategy. After the completion of the offer Nova, with the support of De Agostini, intends to support the current industrial plan of DeA Capital and future development projects. A historic group is therefore leaving the Stock Exchange: the stock is famous in Piazza Affari because it has always paid a high dividend: in May 2022 it was 0.1 euro per share, around 10% at the prices of the time.

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The future

The move, according to insiders, seems preparatory for a future sale, when the company exits the Stock Exchange. Or at least, if not the sale of 100%, there could be the transfer of a stake to another asset manager for an equity partnership on the table. In fact, there is a lot of cash inside Dea Capital and the delisting can therefore take place at a limited cost for De Agostini. In recent months there have been various discussions with both Italian and foreign asset managers: the name of Anima has been circulating, but according to rumors there would also have been some preliminary discussions with the French multinational Tikehau Capital among the foreign subjects. All initial discussions, which never resulted in real negotiations, which have not gone through in the past for different reasons. Now, once delisted, De Agostini could now have more flexibility to manage a sale of a share or of 100% or of separate assets such as real estate, for example. Probably with a higher proceeds than the cost of the current delisting.

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