At what point is the Asterion bullfight with Retelit
The latest news on the Spanish fund Asterion's takeover bid on Retelit which will end on 17 September. Facts, names, numbers and scenarios
The terms of the takeover bid of the Spanish fund Asterion, through Marbles, on Retelit have changed. The minimum threshold for the success of the takeover bid drops from 66.67% to 50% plus one share: the consideration for each Retelit share rises from 2.85 to 3 euros.
Furthermore – a note reads – if at the outcome of the Offer the bidder, together with the persons acting in concert, comes to hold a direct and / or indirect shareholding in Retelit equal to at least 66.67% of the capital, the bidder will pay, in addition to the new consideration, an additional consideration of € 0.10 per share.
In recent days, the deadline for the offer, scheduled for 10 September 2021, had already been extended for a further five trading days (i.e. until 17 September 2021).
As of yesterday, subscriptions were at around 3% of the capital, a share that would allow the fund to reach 31.7% of the capital.
Asterion's moves produced an immediate reaction on the market, with Retelit stock settling at € 3.04 (+ 5.36%), positioning itself slightly above the new price. Still no noteworthy reaction, however, on the membership front, although at this point it is likely that everything will be decided in the last few sessions, noted Il Sole 24 Ore .
In recent days, the managing director, Federico Protto, has accepted the offer, while – added the Sun – no indication of a possible adhesion has so far arrived from the large shareholders of Retelit, namely Athesia (8.3%) and the holding of the Libyan government Lptic (14.4%. Both, it is emphasized on the market, were and seem more interested in an industrial perspective of the company, rather than a mere enhancement.
Considering the new proposed price and the additional consideration and assuming that all 117,041,550 shares subject to the offer are tendered, the maximum value of the offer would be approximately € 362.829 million.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/a-che-punto-e-la-corrida-di-asterion-con-retelit/ on Tue, 14 Sep 2021 08:48:52 +0000.