Cairo day this Monday with the extraordinary general meeting of the society publisher La7 who will have to approve the capital increase of 70 million after the victory for climbing RCS and the market that will give a first assessment of the transaction. Friday both titles had suffered pending the outcome of the dispute, which ended with a surprise defeat of the Imh consortium, formed by Investindustrial Andrea Bonomi and Diego Della Valle, Mediobanca, Pirelli and UnipolSai. RCS had closed at a price of 0.94 with a fall of 0.27%, communication Cairo to 4,402 at 1.30% loss. The plan provides for the publisher La7 merger between RCS and Cairo, to be built in 12-24 months. The goal is, in 2018, a gross operating profit of 215 million, with revenues of 1,340 million.
The first revolution will be in the vertices. Cairo has said it wants to change the board of directors, implying they can assume the role of ad: “I will work on the front line”. Then there will be the pursuit of maximum cooperation between units of Rizzoli and Cairo Communication, with exchanges between paper and digital TV. And the boost to the web, thanks to RCS brands, such as the Journal and Corriere della Sera. The ability to move to Cairo in RCS will still be linked to the attitude of the historical shareholders ‘defeated’. Bonomi has made it clear that for him the RCS game is closed. The Cairo victory was clear and there will not be exposed, causes, ‘resentments’. But still at stake is the fate of the takeover bid acceptances of Imh and related actions. By Monday morning at 7:59 both Cairo and is Imh must communicate the provisional results of the tenders taking position on minimum accession goals. It is assumed that the winner intends to proceed without having reached 50% (for now).
From Bonomi, once declared the non-aggression, does not expect the willingness to really go to 37.7% achieved with the membership – provided that this can – but only official communications will say the last word, even completed all consultations between the five members of the consortium. By Thursday at 7:59 the two contenders must declare the final results, indicate whether the creditor banks waive the clause in advance of the debt repayment in the event of change in control of RCS – almost certain scenario, but it should be formally informed – and that bidders of ‘Opa can migrate acceptances of the offer of Cairo (between 22 and 28 July). Both will have to declare sull’avveramento conditions of the offer launched. Here the remaining uncertainty is that Bonomi says satisfied with 30% stating that it believed the Opa valid, although in the statement he linked this minimum condition, however the achievement of de facto control. If it did it would be subject to Consob or a judge? It was not immediately clear but since the signals of the first press Imh there should be an indication of the orientation of the five Imh. By Thursday morning, then you will understand if you go to the RCS of a war of lawyers.
ALL RIGHTS RESERVED © Copyright ANSA
No comments:
Post a Comment