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This article was published on February 25, 2015 at 07:58.
The last change is the February 25, 2015 at 11:26.
Ei Towers, the subsidiary of Mediaset, which controls the transmission network of Alfa, launched a ‘tender offer and exchange of Rai Way. The offer, which includes a cash component and shares, values the company of transmission towers Rai 1.22 billion euro, equal to about 4.5 euro per share.
RaiWay you is listed (30% of capital) on the stock market last November. The offer of purchase and exchange recognizes members of Ray Way a cash component of EUR 3.13 and 0.03 ordinary shares newly issued Ei Towers. The cash portion corresponds to 69% of the valuation of each security of the society of the towers of Rai. The equity component of the remaining 31%, said in a statement issued after the board of Ei Towers cha has unanimously approved the transaction. The payment of the cash component is fully guaranteed by a leading international credit institution that will grant Ei Towers funding for payment.
In support of the exchange offer Ei Towers has convened a meeting March 27 for a capital increase. The take-over bid (tender offer and exchange) will start after that date and will last between 15 and 40 days and should be completed by the summer anyway.
In explaining the reasons for the transaction Ei Towers speaks of “creation of a single operator of broadcasting towers” to “remedy the current situation of inefficient infrastructure multiplication due to the presence of two major players in the national territory ». The company of the towers of the Mediaset group ensures that in any case “will continue to ensure access to the infrastructure in all television operators” and “increasingly open its infrastructure, prospective operators of TLC.”
Given the objectives of full industrial integration of Ei Towers with Rai Way, the offer – clarifies the statement – aims to revoke the shares of the latter from the price list of the Milan Stock Exchange (where Rai Way was recently listed), or the purchase of a stake which represents 66.67% of the share capital.
The news has had immediate repercussions on the stock market. Especially on the actions that Rai Way in early trading have gained more than 17 percent. Then the significant rise in the share Ei Towers that after the first half hour of trading did score a rise of more than 7 percent and parent Mediaset, among the best of the basket FTSE MIB.
The move of the subsidiary Mediaset calls into question the major shareholder of Rai Way (RAI) and indirectly the Ministry of Economy which controls Viale Mazzini. After the listing of last November, the 35% of Rai Way is finished on the market with large institutional investors such as Blackrock fund (which has 5%) in the first row. 65% is still held by the state television that the sale to Ei Towers could collect 793 million euro.
Notable then the political implications of the game as the players in the field are the Government, a shareholder of RAI, and the former prime minister Silvio Berlusconi, owner of Mediaset.
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