MILAN – Mediaset moves on the towers that transmit the television signal of RAI and launch a public tender offer and exchange (Opas) to win 100% of Rai Way, through its subsidiary Ei Towers, a turn the company that owns television antennas of Cologno Monzese. The company which belongs to the Berlusconi family is ready to put on the plate over 1.2 billion euro. A move that has a flap central political, as the ball passed into the hands of the government Renzi (Rai is the 65% shareholder of Rai Way): just the executive – at the time of privatization of the towers Rai – had said he believed appropriate keep most of Rai Way to ensure the public service.
Berlusconi now wants “a full industrial integration of Ei Towers with Rai Way”, which is why the offer is intended to withdraw from the actions of the latter List of Piazza Affari (where Rai Way was recently listed), or the purchase of a stake which represents 66.67% of the share capital. This last point is delicate: the premise of the privatization decree Rai Way, dated September 2014, the government wrote to consider “the need to maintain, to the state, in the hands of Rai, to guarantee the continuity of the service provided by Rai Way Rai same, a share (…) not less than 51%. ” Incidentally leading today the Democratic Party deputy, and secretary of the Supervisory Commission, Michele Anzaldi to define the offer of Mediaset “incomprehensible”, while part of the welter of political reactions.
The offer comes just a few days away from the maneuvers of Fininvest, the holding company of Arcore, on the same Mediaset: the Berlusconi family sold a major package of television, while remaining in control of over 30%, and making cash for just under of 400 million euro. Markets, the news reverberates with a race to the top of Rai Way (estimated 4.5 euro per share), but also Ei Towers rooms with Mediaset.
As for the details tencici, Ei Towers (which sees between shareholders Mediaset to 40%, then BlackRock to about 10%) has announced the tender offer and exchange for 100% of Rai Way. The latter is controlled as to 65% by Rai said, for the remainder of its capital is on the market.
The offer, launched at 4.50 euro per share, assesses the transmission company RAI approximately 1.22 billion Euros. The transaction involves the payment of a cash component amounting to EUR 3.13, and an equity component, consisting of 0.03 ordinary shares Ei Towers newly issued (currently the rating is over 48 euro). The fee includes a premium of 22% compared to the reference price of the ordinary shares Rai Way of February 23 and a premium of 52.7% compared to the price of the company’s debut on the stock exchange, which took place on November 19th at a price of 2, 95 euro. The total value of the offer, in the event of full membership, will be 1,225,332,800 Euros. The slice of RAI, if passed to the collection, would be roughly 790 million.
To complete the operation, the Board of Directors of Mediaset has given the green light to the conditions of the offer “for build an aggregation of national infrastructure telecast. ” Mediaset therefore will vote in favor of a proposal for a capital increase in the assembly of Ei Towers scheduled March 27. “The payment of the cash component” precise Ei Towers “is fully guaranteed by a leading international bank which will grant a loan to the vendor to meet the payment thereof.”
In explaining the reasons of ‘operation Ei Towers talks about the “creation of a single operator of the towers broadcasting” 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.” There are three conditions to be met to conclude the deal: RAI must obviously accept and, apparently, a board of directors should meet tomorrow in Milan to discuss the offer, although officially the board is the reorganization of Viale Mazzini . The Antitrust Authority must then give the green light to the operation and also the Mise must authorize the Rai to continue to work with the new company, while Ei Towers ensures collaboration to fulfill the public service. The company Mediaset, which advocates the con clusura the deal by next summer, “will open more and more its infrastructure, prospective operators of TLC.”
And here come into play other games that The Alfa is playing, such as with Telefonica, which acquired a 10% stake in Mediaset Premium. On transmission towers are on the other hand by moving all operators, on the one hand that Telecom is to create a company which will give its network, and also the Wind, which has decided to sell its network of more than 6 thousand towers Abertis.
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