Cairo raises and raises the price to win the Courier – The Republic

MILAN – “Cairo Communication does not give up and makes an important proposal, which has a number of strategic points.” The confirmation came directly from the publisher of Alexandria. As per the forecasts, Cairo is the center of the batch for the RCS control: raises the price that is being offered to shareholders of Via Solferino and announced the merger of the two publishing groups within two years.

The Board of Directors of Cairo Communication It resolved to increase the supply from 0.12 to 0.16 Cairo actions for each RCS share, an increase of 33% over the initial offer. In monetary terms, the close today, the offer corresponds to 0.69 euro. “It ‘a major re-launch – said in Cairo after the meeting – remains a public exchange offer without a cash. We also approved a business plan of the two integrated groups, of which we expect to make a wild fusion within 12-24 months “.

Basically, you draw the offer of the rival consortium led by financier Andrea Bonomi, allied with the entrepreneur Diego Della Valle, Mediobanca, Pirelli and UnipolSai. Who they have offered 0.7 Euros for each title RCS and all cash. Both offers are still below the market price at the close yesterday, which is around 0.78 euro.

The announcement of the re-launch comes on the eve of ‘ Opa Andrea Bonomi and the four historic shareholders of RCS that will start on June 20, a week after the Cairo Ops that the RCS Board of Directors has evaluated “not positive” because the amount proposed is not “reasonable” for shareholders. The price of the security, in particular, three evaluations were examined: between 0.80 and 1.13 for the independent expert Head based on the cash flow (dcf method), between 0.93 and 1.31 for Citi and between 0.86 and 1.26 for Unicredit. The proposed share exchange from Cairo is assessing the RCS less than the arithmetic mean of these assessments.

From his starts, Cairo has also provided some numbers to the business plan is the only Cairo Communication for the new entity by the merged firm. Cairo-RCS group should record revenues of 1,273 million euro in 2017 and 1,340 million in 2018 and EBITDA of approximately € 172 million in 2017 and 215 million in 2018.

Topics:

RCS

Cairo Communication

ops rcs

opa rcs

Starring: