Home Business Prima Industrie: the Alpha and Peninsula funds launch a €25 takeover bid aimed at the delisting

Prima Industrie: the Alpha and Peninsula funds launch a €25 takeover bid aimed at the delisting

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The private equity funds Alpha and Peninsula, which acquired 59.1% of Prima Industrie (60.1% of the Company’s voting rights), launched a mandatory public tender offer on the Company, aimed at the delisting . The offer is promoted by Femto Technologies, a vehicle jointly controlled by the two funds, and envisages a consideration of 25 euros per share.

In the event that the objective of the delisting is not achieved with the tender offer, Femto Technologies “reserves the right to achieve the delisting by other means, including the merger by incorporation of the Issuer into the offeror”.

Following the transfer of corporate control to the funds and the resignation of some directors, the board of directors co-opted Giovanni Negri, Nicola Colavito, Edoardo Mario Lanzavecchia, Francesca Cirrincione (independent) and Barbara Poggiali (independent).

With reference to the assessment of the financial situation of the company, the board approved the stipulation of new loan agreements for 69 million to support the general cash requirements of the Company and the group, for 41 million to partially refinance the existing debt and a revolving line of 20 million aimed at both supporting general cash requirements and possibly refinancing part of the existing debt.

The new governance structure of the Company to be implemented until the expiry of the Board in office will see the confirmation of Gianfranco Carbonato as Executive Chairman and the appointment of Giovanni Negri as the new Chief Executive Officer.

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