Consob rejects the offer of Ei Towers of Rai Way – The Messenger

Consob rejects the offer of Ei Towers on Rai Way. The Commission informed the company of the group Mediaset to believe “not prosecutable” opa on the society of the towers of public television.

In Ei Towers to motivate its decision, Consob says, in essence, that it has lowered from 66.7 to 40% the threshold for the validity of the tender offer would be detrimental to the conditions and objectives of the offer. If Ei Towers wants to go on his way with the aim of creating a single national operator in the apparatus of broadcast television and radio will have to draft a new proposal to purchase for Rai Way.

“The change in the threshold Participatory which the Board now intends to influence the effectiveness of the offer, placing below the threshold of control of the company
 target, affect elements of the offer, “explains the Authority on the Stock Exchange in a statement,” and makes no more prosecutable the preliminary approval of the offer document filed away this
 Company March 16, 2015, which shall be considered concluded. ” “In view of the non-feasibility – in the light of the position expressed by Rai and the Ministry of Economy and Finance – the objective of
 reaching a threshold controlling interest in the issuer and the business project connected to that following the offer, market information and to recipients of the offer on
 modification of the condition precedent decided by the board of directors should be properly supported by demonstration of the new, occurring, objectives of the tender offer and
 exchange, “adds the Authority led by Giuseppe Vegas at Ei Towers.
  Tomorrow the word goes Antitrust where the leaders of the group company Mediaset will be heard at the hearing on the instruction final open after the announcement the Towers of Viale Mazzini.
  Alongside the CEO of Ei Towers and Rai Way there will also be representatives of Sky, La7 (Cairo) and Persidera. These are the parties involved in the operation with the offer proposed by buying and
 exchange (4.5 euro per share), which aimed initially at least 66.7% of the company, now 65% controlled by Viale Mazzini, with the ultimate goal of getting to a merger.

But given the clear stance of the Consob is hard to imagine that the Antitrust Authority, for matters within its competence, would give a green light, albeit conditionally, to the proposed operation by Ei Towers which has the ultimate goal of creating an operator only in the national transmission towers.

 April 13, 2015 22:43 – Last Updated: 22:44

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