COVER 50 S.P.A. (Alliance News) - Cover 50 Spa announced Thursday that Made in Italy Fund, through its subsidiary holding company Fine Sun Srl, which operated through Fine Mito Srl, has acquired 74 percent of Cover 50's share capital from majority shareholder FHold Spa.
The stake is represented by 3.3 million ordinary shares of Cover 50, each of which was sold at a price of EUR13.50. Under the terms of the agreement, at the same time as the sale of the stake, FHold reinvested in Cover 50, through Fine Newco Srl, a corporate vehicle that owns 100 percent of Fine Mito's share capital, for an amount equal to 20 percent of the share capital.
As part of the transaction, Fine Mito proposed the co-option-accepted by the board of directors-of Walter Ricciotti to replace Pierangelo Fassino who had resigned, appointing Ricciotti himself as company president.
After these announcements, Fine Mito announced that it had launched a tender offer for the remaining 1.1 million shares of Cover 50 not yet held, at a price of EUR13.50 each, for a total consideration of EUR15.2 million. The consideration offered incorporates a premium of 5.7 percent over the value of Cover 50 shares on March 14, the last day before the announcement of negotiations for the transfer of the majority of the capital to Fine Mito.
The offer - aimed at delisting - is part of an investment project in Cover 50 aimed at enhancing the value of the company and the industrial group headed by Fine Sun, which already has brands such as 120%Lino, Rosantica, Dondup as well as Autry and Ghoud in its portfolio.
"Through the promotion of the offer and following its completion, Fine Mito in fact intends to support the current industrial plan of Cover 50 and, where possible, accelerate its growth and development process in Italy and abroad, also in order to further strengthen its competitive positioning, enhancing its business in the medium to long term," the offeror explains.
"Fine Mito's intention to acquire the entire share capital of Cover 50 and to achieve delisting is motivated by the fact that total control in a private context will allow it to pursue more agilely and effectively the achievement of its development objectives, increasing the managerial and organizational flexibility of Cover 50, with a reduction of its management and information burdens."
Cover 50's stock closed Thursday unchanged at EUR13.20 per share.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
Comments and questions to redazione@alliancenews.com
Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.
