De Agostini, the takeover bid on Dea Capital is a success
DeAgostini can smile. The takeover bid launched by the Novara group on Dea Capital it has in fact exceeded the threshold of 90% of the capital. The fate of Dea Capital therefore is to leave Piazza Affari.
22.437% of the share capital, equal to 69.775% of the shares subject to the offer, subscribed to the tender offer. Considering the shares already in De Agostini’s portfolio and the treasury shares of Dea Capital, the threshold of 90% to which Nova, the vehicle that launched the offer, had subordinated the effectiveness of the takeover bid, is exceeded. Therefore, the conditions exist for proceeding with the delisting of Dea Capital.
Five more days to join
De Agostini’s offer envisaged the payment of 1.50 euro per share. In total, considering the 32.156% of the capital which De Agostini did not possess will disburse 128.6 million euros to recover all the quotas, making use of its own means, which will be made available by the shareholders with capital or funding contributions.
“The bidder does not intend to restore a free float sufficient to ensure regular trading of the shares” and will proceed with the “revocation” of the share from the list once the sell-out procedure has been completed pursuant to article 108, paragraph 2 of the Consolidated Law of finance. In the meantime the acceptance period has been extended by 5 days, until 24 February.