MIILANO – The 9.3% increase decided two weeks ago by the Gavio family and Ardian, gathered in the Naf2 corporate box, has made the offer for Astm take off, bringing the company closer to delisiting and also the Investindustrial by Andrea Bonomi would be reckoning on Guala Closures, the capping company that entered and exited Piazza Affari twice. Bonomi and the tandem Gavio-Ardian they already had control of Guala and Astm respectively before starting with the takeover bid, but being able to delist and exit Piazza Affari is an advantage in terms of costs and speed of execution.
Gavio raises on Astm, the price of the takeover bid rises by 9.3%
by Sara Bennewitz
With the current block union that has been created between the fund Peninsula and the management led by Marco Giovannini, it is unlikely that Investindustrial’s offer will be able to replicate Astm’s script. The board of directors of the group, examining the offer of 8.2 euros which should close on 7 June, judged the price to be reasonable, however financial sources report that to the board of last 17 May, which had to examine the validity of the transaction and the “financial fairness” of the offer, Giovannini did not participate, a strong signal to the company that the entrepreneur manager has taken over and relaunched.
To break the front, and bring Peninsula to its side, Investindustrial should raise the offer that started last May 18, whose subscriptions are slow both because there are still two weeks of time, and because Giovannini and Peninsula together have a third voting rights and 24% of the capital, and these conditions will not adhere thus preventing the forced withdrawal from Piazza Affari.
Meanwhile, after raising the price on Astm from 25.6 to 28 euros per share, subscriptions jumped from 31 to 79,2% of those eligible and on Friday they reached 90.26%, thus exceeding the threshold set for the delisting and thus preparing to say hello Business Square (the bid ends tomorrow). It must be said, returning to Guala, that Bonomi had launched a first offer at 6 euros and a second one at the end of 2020 at 8.2 euros.
Received the green light on the Golden Power, the offer at 9.5 euros promoted by the Ion by Andrea Pignataro together with the Fsi fund on Cerved, which promises to be already uphill. A long patrol of hedge funds including Amber Capital, Boussard & Gavaudan Partners, PSquared Asset Management, Sinclair and Tiedemann would also organize to prevent delisting under these conditions. If the front remained compact, they could prevent the forced withdrawal of the title for which an adhesion to the offer equal to 90% of the capital is required.
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