This is how much Castor (Ion) raises the price to eat Cerved
How much and why Castor of the Ion Capital fund raised the consideration for the offer launched on Cerved. All the details
Forcing and puffs of foreign investment funds have produced the desired effect: Castor of the Ion Capital fund has raised the price of the takeover bid on Cerved. Here are all the details.
Castor raised the consideration for the offer launched on Cerved from € 9.50 to € 10.20. As specified in a note, the new consideration incorporates a premium of 44.9% compared to the official price of the shares as of March 5, 2021, the last trading day before the announcement of the offer, a premium of 53.6% compared to the average weighted arithmetic of the official prices recorded by the shares in the twelve months preceding the announcement data (8 March 2021).
THE TIMES OF CASTOR'S OFFER ON CERVED
The offer subscription period has been extended from 31 August to 9 September. The maximum disbursement, in the event that all 195,274,979 shares object of the offer were tendered, including treasury shares, and calculated on the basis of the consideration as increased, would be equal to 1,991,804,786 euros.
WHAT CASTOR SAYS
Furthermore, the note specifies that the loan agreement with the original banks was modified in order to increase the maximum amount of the Term Credit Line from 1,650,000,000 euros to 1,680,000,000 euros. The maximum use of equity will be equal to 970,000,000 euros.
THE MAXIMUM EXPENDITURE
The maximum disbursement, if all the shares were tendered, would be just under 2 billion.
THE MINIMUM THRESHOLD
Castor Bidco also changed the condition on the minimum threshold: from a stake in the Issuer's share capital equal to at least 50% plus one share to a stake of 80%.
THE NEXT STEPS
Castor Bidco has agreed with Borsa Italiana the extension of the subscription period, for another seven trading days, until next September 9th.
THE ANALYSIS OF EQUITA
“Based on our calculations, the price paid implicitly recognizes a control premium of more than 10% compared to our fundamental valuation of Cerved net of M&A of € 9.2 per share,” the Equita analysts write. It is therefore “a level that seems positive with the key role that Cerved will have in Ion's growth strategy in Italy (especially in relation to the possible integration with Cedacri)”.
Here is how the Irish Castor of the English fund Ion will catch Cerved
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/ecco-quanto-castor-ion-alza-il-prezzo-per-papparsi-cerved/ on Fri, 27 Aug 2021 07:35:01 +0000.