Consob seeks guidance sull’Ops Cairo-RCS – Il Sole 24 Ore

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This article was published on 8 May 2016 at 08:15.

Consob suspended the investigation terms relative OPS launched by Cairo Communication of RCS for up to 15 days. Pending further information required by the Authority of the market then stops the count down for the authorization to publish the prospectus which at this point could make ends meet.

The points under observation would basically three . One concerns the conditions precedent to the offer. Cairo had proposed two: before the accession of the 50% stake, the second one of the banks on the debt moratorium until the meeting to approve the 2017 budget at the first condition would have the option to cease and it would be logical that it did probably it should be detailed under what conditions and for what amount of capital the shares delivered to the offer may be withdrawn if still not reached the majority of the capital. The second has already been the subject of reports (by RCS) and explanatory press (from Cairo) since it is already an ongoing negotiation between the company and the creditor banks, exhibited throughout more than 400 million: though it were closing in the short term it would be easier to define the scope of the condition precedent on the debt.

A second subject of study should the seller’s business plan, sketched in broad strokes in the release announcement. In particular still would lack details on whether or not to develop synergies between the two publishing houses – for example between warheads or more likely on the side of advertising – given that the offer is aimed – at least immediately – to promote a merger between the two companies.

Another chapter should cover more information about Cairo Communication prospects, given that the shares of the latter company only the means of payment for who among the RCS members, decide to accept the offer .

From the part of the legal staff that assists Urbano Cairo – the study BonelliErede – objections were expected. The answers so should arrive quickly – certainly within the next week – and the authorization process sull’Ops should then divide to allow the launch of the offer on the market, most likely, in early June.

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