RCS, Cairo goes on unraised – Il Giornale

Marcello Zacchè

Urbano Cairo proceeds on his way: no change to the offer of exchange launched on RCS, which plans to give 0.12 of Cairo Communication titles each RCS action. Prices yesterday, with Cairo actions rising by 1.3% to EUR 4.40, the Ops evaluates RCS 0.53 euro. While the takeover bid launched by Andrea Bonomi, with Mediobanca, Pirelli, Unipol and Della Valle, provides for the payment of 0.70 euro per share (and yesterday the RCS actions have gone above the tender offer price, closing at 0,715).

In a meeting between the Cairo advisor, Intesa, Equita and Heir Bonelli, he has examined the situation without changing anything. The idea is that the Milanese publisher to the market to decide between two very different offers: a more industrial, the other (at least compared to small shareholders RCS) more financial.

It is not just a matter of price, but something more complex: those who adhere to Cairo OPS does not receive money, but the title of a company of which he became a shareholder. A group, that of Cairo, which has in the stomach 105 million, editorial assets valued at around 140 and the TV La7 that, market multiples, may be worth 250 to 300 million. So the sum exceeds 500 against a market capitalization, at a discount, of approximately 300. In this context RCS would then be managed by the same Cairo whose job is already being publisher, is advertising, and therefore believes it has the numbers to create value at Rizzoli . Conversely, the supply of Bonomi & amp; C. It offers members of RCS to finish their adventure there, offering 70 cents per share, without proposing any editorial project or financial future. So the first to hear those who believe investing in Cairo project; the second those who prefer to just take the money.

As for the company, RCS will give a preliminary assessment on Friday, when a board of directors was convened. That, in theory, should feel a little too fair offering Bonomi, as defined to Cairo. Because the reference price quoted then by the board was of 0.81 euro per share, still higher than the cash offered by Bonomi.

At this point they approach the time of the confrontation. But even here there is a difference: the Cairo Ops will start first, it is expected the first week of June. With the advantage, therefore, to present investors with all the merits of the offer. While Bonomi will not do it until it has received the OK from Consob: eye, a month later. It should be remembered that the law provides, in the event of competing offers, the opportunity to withdraw from before eventual accession, to join the second offer.

We learn, finally, that Investindustrial (private equity managed by Bonomi ) and RCS standing shareholders have not yet formed the new company that actually launch the takeover bid, but the intention as revealed remains to proceed quickly, even with the filing of the prospectus on the transaction, for which there are 20 days time from last Monday.