The stock of As Roma collapses on the stock market on fears that the PPA that the Friedkin group will have to launch on the football club's float may be at a discount compared to the prices of Piazza Affari. All the details
The sales on the As Roma securities do not stop with operators worried about the price for the mandatory offer that could be functional to the delisting.
The shares of the Giallorossi club were stopped in volatility when they marked a drop of 21.5% to 0.42 euros, the worst performance of the Milanese stock market, when the Ftse Mib slipped by 0.27% and the Ftse All Share by 0, 23%.
Trading was very strong until the stock was stopped in volatility, over 5.2 million shares changed hands, compared to an average of 1.16 million over the last 30 days for the entire session.
The prices are discounting on the one hand the elimination of last night from the Europa League competition but, above all, the details relating to the sale of the majority of the football team from James Pallotta to the Friedkin group.
In essence, the As Roma stock collapses on the stock market on the fears that the takeover bid that the Friedkin group will have to launch on the float of the Giallorossi club may be at a discount compared to the prices of Piazza Affari.
Friedkin ( here the portrait of Start Magazine ) has set a price of 0.1165 euros for the purchase of the shares of James Pallotta. The price of the compulsory takeover bid, which has not yet been disclosed, will not be able to fall below this value, very far from the prices at which the title is negotiating close to the agreement.
Of the total sum of 199 million euros that the buyer will pay to the American entrepreneur of Italian origin, for 86.6% of the company's capital, 63.4 million euros will be paid, equal to a unit price of 0.116 euros , well below the current market value.
Furthermore, the door of delisting could open for the club and the attention of the market is focused precisely on the price of a mandatory takeover bid, which in the meantime is aligning the prices towards the price paid by the Friedkin group (TFG) to James Pallotta.
In the joint note issued this morning at Consob's request, “TFG also specifies that the mandatory takeover bid could be functional to the delisting of the Club. The final decision in this regard will be communicated with the communications pursuant to art. 102 of the TUF which will be published on the closing date. Further information in relation to the transaction will be published with the communications pursuant to art. 122 of the TUF (which is expected to take place by 5.00 pm on Monday 10 August 2020) and with the communication of the bidder ".
(article updated at 3.30 pm)
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/perche-la-roma-fa-autogol-in-borsa-dopo-larrivo-di-friedkin/ on Fri, 07 Aug 2020 13:22:18 +0000.