DeA Capital, De Agostini launches the tender offer for the delisting: goodbye to the price list – Corriere.it

Even the De Agostini group says goodbye to Piazza Affari. The family is preparing to launch a total takeover bid on DeA Capital, the financial investment branch of the Novara family. That is to say the former Cdb Web tech bought by the De Benedetti family in 2007, which then became the arm of alternative investments with investment funds in real estate and private equity, 67.01% controlled by De Agostini Spa. To create the The transaction was made up of the Nova vehicle, a company wholly owned and subject to the management and coordination of De Agostini, which will launch a voluntary tender offer for all the ordinary shares of DeA Capital at 1.5 euro per share cum dividend, i.e. including any coupons that the company would distribute, with the aim of delisting from Euronext Star Milan of Borsa Italiana.

Stock market reactions

The price includes a premium of 31.1% compared to the official price per share yesterday, the last day of open market before the public announcement of the takeover bid, equal to 1.144 euro. And, in fact, this morning, the share – which at the start was unable to make a price – entered into trading and travels up by 29.37% to 1.48 euros per share, a hair’s breadth from the offer price, after having the maximum for the day of 1.486 euros was reached, at the values ​​of mid-August.

The investment of 128.6 million

The family’s shareholders will invest 128.6 million in the operation, a commitment the group says, which confirms the family’s willingness to continue supporting the company, but away from the list. Nova will acquire 85.73 million shares, equal to 32.156% of the share 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 therefore be equal to 128.596 million euro. The family’s shareholders will invest 128.6 million in the operation, a commitment the group says, which confirms the family’s willingness to continue supporting the company, but away from the list. Nova will acquire 85.73 million shares, equal to 32.156% of the share 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 therefore be equal to 128.596 million euro.

Growth plan support

According to the group led by CEO Marco Sala, chaired by Lorenzo Pellicioli and of which Marco Drago is president emeritus, the delisting will ensure greater management flexibility and cost savings for Dea Capital. As a non-listed company, it will have greater operational and organizational flexibility, DeA Capital will be able to accelerate its investment and value creation strategy, the group says. After completing the De Agostini offer, it will continue to support DeA Capital’s current business plan and future development projects. The quotation had by now translated into a cost which did not correspond to a real benefit, says the company, with a stock now subject to few trades and penalized by the volatility of the price lists.

Offer subject to the 90% threshold

The operation will be financed with its own resources, making use of capital contributions or shareholder loans which will be made available by De Agostini. The effectiveness of the offer is subject to the fulfillment of a series of conditions, including the achievement of a subscription threshold which allows for a stake of more than 90% of the share capital of DeA Capital.