Delisting, takeover bid for Labomar arrives at 10 euro per share
Labomar, active in the nutraceuticals sector, fails to make money on Piazza Affari, after Lbm Next communicated its intention to launch a voluntary takeover bid at 10 euros per share and a maximum value of 59.874 million euros, with the aim of delisting from Euronext Growth Milan (EGM, the market dedicated to companies with high growth potential). Considering that at the end of Friday the stock was worth 8.7667 euros per share, the price includes a premium of approximately 14.1%. In particular, Lbm Next intends to launch the tender offer on the shares representing the entire capital of Labomar, after deducting those it already owns (equal to 67.607% of the capital).
Sixty million euros for the operation
The offer will concern a maximum of 5.987 million shares still outstanding, equal to 32.393% of the share capital. A contribution of 59.874 million euros is envisaged, by way of payment for a future capital increase, “aimed at providing the bidder with the financial funding necessary for the payment of the maximum disbursement of the offer”.
Among other things, the adoption of a new BidCo statute, the appointment of a new board of directors and an inseparable capital increase for payment in kind for 124.965 million reserved for Lbm and Cdn (currently holds 0 .5% of the capital). The subscription period will be agreed with Consob and will last between 15 and 40 days.
The operation “from a strategic and commercial point of view, the offer is aimed at the realization of a project for the growth and development of the business of the issuer and its subsidiaries through the integration of the entrepreneurial skills of the relevant shareholders”. The issuer, reads the documentation, “operates in a competitive and rapidly developing market that offers significant opportunities”.