Urbano Cairo is the new controlling shareholder of RCS, the group of “Corriere della Sera”. The public exchange offer (Opas) promoted by the publisher of ‘La7′ won the 48,82% of the capital, according to non-final data released yesterday evening by the Italian Stock Exchange, surpassing the 37.7% of momentum picked up from ‘ Opa proposed by the consortium of financier Andrea Bonomi with four historians members of RCS, Diego Della Valle, Mediobanca, Pirelli and UnipolSai, collected in the International Media Holding.
“We won, with a nice gap. I’m happy for the great trust , the many investors who believed in our project. It was understood what I wanted and what passion are ready to put in the RCS ‘were the first words of Cairo.La Bonomi team would like to congratulate the winner: “We take note of the results of the offer – reads a note – we make our Cairo congratulations and wish you a prosperous future in RCS. It is treated in market operation which, thanks to our interest, has allowed to achieve more reasonable values for the benefit of all shareholders of the company. ”
For Carlo Messina, CEO of Intesa Sanpaolo , the bank that has accompanied Cairo also nell’Opas via the advisor work of Banca Imi led by Gaetano Micciche (Equita and Bonelli Erede other Cairo consultants for part of the financial and legal), “it was an amazing achievement for us a great satisfaction.” The comparison between the two products has been tightened in recent weeks when the raises, two on each side, led the enhancement of RCS to 1 euro per share in cash for the Opa Bonomi and up to 1.07 for the publisher who transformed its Ops in a mixed offer a share exchange with Cairo Communication-RCS of 0.18 plus 25 cents cash.
The end result surprised first of all the same in Cairo ( “I was confident but I did not expect such a big distance”) especially because on the eve of the advantage Bonomi consortium was significant and it seems to 30.36% compared with 22% delivered to the public mixed. International Media Holding has collected on the market 13% of capital, given that the old members were already in possession of 24.7% (of which 2.17%) bought recently. Cairo, already a shareholder with 4.7% in the hands of its holding on the market bought another 4.24% counted on 4.2% of Intesa. Accessions of large institutional investors such as retail investors, have rewarded the initiative announced by surprise on 8 April when the title was traveling at an altitude of 0.4080 euro. RCS yesterday closed at 0.94 euro.
Final data on accessions are expected by Thursday, July 21 , but considering the gap so sharply the figures should not deviate much. Detachment does not leave doubts of interpretation of what the prevailing offer. Cairo arrived in an instant from the 50% threshold that the same publisher had indicated to dell’Opas success, reserving the right to accept the minimum level of 35% (the Bonomi team had shown the 66.7 and 30%). Also on Monday it has convened the Extraordinary Meeting of Cairo Communication for the capital increase of 70 million, with the exclusion of option rights, and thus open to potential new shareholders, and to approve the vote increased to reflect the members ‘faithful’ that they have retained the securities for at least 24 continuous months.
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July 15, 2016 (amendment July 16, 2016 | 11:07)
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