The RCS , the publishing company of the Corriere della Sera , still rejects the offer of Cairo Communication . After having already expressed a negative opinion in April, this time the board of directors could also examine the operation statement launched by the publisher of La7. But the conclusion was the same: the board has unanimously rated “not positive” the public offering of the Cairo Communication exchange about the company and felt that “the tender offer consideration is not reasonable for the owner of RCS shares”. In short, the price was considered too low: the prospectus proposes to exchange each share for RCS 0.12 actions Cairo Communication. The decision came on the same day in which the Consob gives the green light to the takeover bid prospectus of competitor Andrea Bonomi and other historical shareholders of RCS: the offer will start on June 20 and ends July 15.
the second rejection to Cairo comes on the basis of three of adequacy assessments (the so-called fairness opinion) expressed by Citi consultants, Unicredit (among the principal creditors of RCS) and the ‘independent expert Roberto Tasca. The latter went so far as to express a value for the title RCS “of between 0.80 and 1.13 euro.” The three evaluations agree not only in judging the offer price too low Cairo, but also in thinking that there are no signs of discontinuity with respect to the current business plan. Now Cairo will have until Friday 17 for a possible re-launch.
In terms of estimated savings from Cairo, the board of directors notes that “not appear to be significantly higher compared to what was expected “. Cairo, is remembered, estimated the possible savings in 140000000 . “Considering the above mentioned non-recurring charges in 2015 of the RCS Group and efficiencies already planned in the business plan RCS for 2018 amounted to EUR 60 million, – make a statement – the additional benefit provided by Cairo Communication is therefore reduced to 25 million the euro . ” The calculation of Cairo, continues the board of directors of the publishing company, was made “with a time horizon of one year longer than the horizon of the business plan RCS (2019 vs. 2018), and with a basic overall costs related to the broader perimeter of the Cairo Communication Post-offer “. Group
in Cairo sull’ops evaluations, in addition, the board of directors notes that the patron of Turin has not released” quantitative information to the market about the financial targets Cairo Communication group “. Then compared to the objectives set for RCS, noted that he had identified in the Cairo statement “elements break significant than the business plan RCS”. The Rizzoli Corriere della Sera board noted that some growth opportunities identified “are set out in the offer document exactly as per the industrial plan RCS”, adding that “in the digital media field the presence of the Cairo Communication It was not significant. ” The plans to expand the offer in not publishing activities such as sporting events is already one of the central points of the current strategy, said the board of directors, while Cairo is not having an established and significant presence in the sector. In the plane of the apatron Torino “is not any specific mention of” the “potential intragroup synergies can be activated between the Italian and Spanish business,” which are one of the “particular points of the plan carefully.” Cairo, says RCS finally, “has an important presence and expertise” in magazines, but with types of products that “ differ significantly for content and target audiences than those of RCS.”
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