Trinity Investments Limited, a fund managed by Attestor Capital LLP cancelled the acquisition of 28.17% stake in Banca Intermobiliare di Investimenti e Gestioni SpA.

Trinity Investments Limited, a fund managed by Attestor Capital LLP made an offer to acquire 28.17% stake in Banca Intermobiliare di Investimenti e Gestioni SpA (BIT:BIM) for €9.4 million on October 25, 2017. Trinity Investments Limited, a fund managed by Attestor Capital LLP will acquire 42.15 million shares at an offer per share of €0.22411. In addition to the base price, Trinity Investments Limited, a fund managed by Attestor Capital LLP may have to pay a deferred variation fee for each accredited share, an additional price component up to a maximum of €37.6 million. In a related deal, Trinity Investments Limited, a fund managed by Attestor Capital LLP signed an agreement to acquire 71.8% stake in Banca Intermobiliare di Investimenti e Gestioni SpA (BIT:BIM) from Veneto Banca S.p.A. for €24.1 million on October 25, 2017. Post-completion, Attestor Capital LLP intends to delist Banca Intermobiliare di Investimenti e Gestioni SpA. As on April 17, 2018, all the conditions for the launch of the offer are met. As on May 21, 2018, the Board of Banca Intermobiliare di Investimenti e Gestioni SpA has considered the offer price not reasonable. The decision of the Board has been supported by the fairness opinion provider KPMG Advisory S.P.A. The tender offer will commence on May 28, 2018 and will close on June 22, 2018, unless extended. The payment date is expected to be June 29, 2018. Vitale & Co. S.p.A acted as financial advisor to Attestor Capital LLP. Equita SIM S.p.A acted as broker in-charge of the coordination of the collection of subscription. Georgeson S.r.l acted as global information agent. KPMG Advisory S.P.A. acted as fairness opinion provider to the Board of Banca Intermobiliare di Investimenti e Gestioni SpA. Alberto Saravalle, Mauro Cusmai, Federica Munno, Augusto Praloran and Alessandro Capogrosso of BonelliErede acted as legal advisors for Trinity Investments Limited. Francesco Faldi, Marta Sassella and Matteo Tabellini of Linklaters and Edoardo Guffanti and Paolo Sanna of 5Lex acted as legal advisors for Banca Intermobiliare di Investimenti e Gestioni SpA. Trinity Investments Limited, a fund managed by Attestor Capital LLP cancelled the acquisition of 28.17% stake in Banca Intermobiliare di Investimenti e Gestioni SpA (BIT:BIM) on December 5, 2018.