The subsidiary of Mediaset had lowered from 66.7 to 40% the threshold for Opa.
The Commission explained that the fact that it has reduced from 66.7% to 40% the threshold for validity OPA negates the assumptions and objectives of the offer.
“The change in the shareholding threshold which the Board now intends to influence the effectiveness of the offer, placing below the threshold of control of the target company, affect elements of the offer,” explains’ supervisors on the Stock Exchange in a statement, “and makes no more prosecutable the preliminary approval of the offer document filed by this company March 16, 2015, which shall be considered concluded.”
If Ei Towers wants to proceed with the goal 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.
“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 achieving a threshold of controlling interest in the issuer and the business project attached to this bid it information to the market and to the recipients of the offer on changing 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 ” added the Authority.
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