RCS flies on the Stock Exchange after Cairo offer: “It is not a hostile takeover bid, we want to keep inside the partners’ – The Messenger

Fly RCS at the Milan Stock after the public offer of exchange announced on Friday evening from Cairo Communication. The title of socieà that publishes the Corriere della Sera, has gained 28,79% to EUR 0,586 while Cairo was up 2.07% to EUR 4.87. Based on the closing of the stock exchange offer of 0.12 shares for Cairo RCS action enhances the title of the group that publishes the Corriere della Sera 0.5844 euro, substantially in line with the market value.

L ‘ offer of Cairo, that caters to all the shares of RCS Mediagroup, goes through only if they reach 50% plus one share of RCS and provides that a prospectus is filed within the next 20 days and then switch to the CONSOB evaluation. After the filing of the prospectus Ops, the RCS board will meet to express their views on the operation launched by Cairo (that RCS has a 4,616%). And the publisher has been felt even today stressing that his “is an operation of the market, non-hostile takeover bid, we want to keep inside the old members together to benefit of any revenues of RCS, once restored.” Cairo then stated, in a radio interview, that RCS has been evaluated “770 million that climbed 90 the sale Rcs books Mondadori, make almost 700: double what capitalizes on the stock exchange the Espresso group.”

But the discontent of the other members’ strong RCS have already been felt over the weekend. For Pirelli, Mediobanca, UnipolSai and Diego Della Valle (which together add up about 22%) the offer would be held to be fair, especially if made of paper card. “It is an objective evaluation – say sources close – we are not sure the war.

<'p> If the group of strong shareholders of RCS looks compact in considering the offer is not fair, the other the opposite of funds investment (which have a major presence in the capital) has yet to be felt. Fiat Chrysler, meanwhile, will work his way out releasing its shares (16.7%) the meeting in Amsterdam on April 15 next year, before the expiry of the time for filing the tender offer prospectus by Urbano Cairo (April 28).

Today, however, we have been issued to some reports, including that of Mediobanca Securities, which on integration between RCS and Cairo Communications stresses “we can not understand the logic of having two listed groups» adding that in the twelve pages of the press in Cairo Press ‘the Spanish business of RCS was never mentioned, “and finally explains that” the implied valuation for the shares of RCS is quite far from our Tp’ which was 0.96 euro.

as a contrary opinion of the experts of Equita, which is Cairo advisor for ops, which indeed have recommended buying shares of Milanese society, reviewing the judgment to ‘buy’ their operation to the light: “We judge positively the Cairo ops for its ability to manage the turnaround of the company,” then estimating a marked acceleration in creating efficiencies in RCS. On the other hand, say the analysts of the sim, the failure of the RCS would put at risk, perhaps assuming a “increase in capital, if the banks will not grant a refinance the company.

However, if RCS pass in Cairo, for Equita the group already in 2017 will boast an EBITDA of 31% to 143 million, assuming synergies equal to 6% of operating costs. The operation has also been promoted by Banca Akros: the Cairo offer ‘is to be judged positively, has a good timing, is well built and offers to the shareholders of RCS the possibility of re-evaluation of the title. ” The new RCS-Cairo group will have a better financial profile, they still emphasized by Banca Akros, recalling that the pro-shaped net debt will be less than 300 million. “Considering that the RCS will improve ebitda – write analysts – the debt-EBITDA ratio will fall below the level of 3.”