(Alliance News) - Argo Spa announced Monday that it had risen above 97 percent of the share capital of Finlogic Spa upon the closing of the tender offer launched for 7.3 million shares of the company.

As a result of the acceptances of the takeover bid and considering the shares it already held, Argo thus rises to 7.1 million shares in Finlogic, or 97 percent of the latter's capital, which will leave Borsa Italiana on June 20.

Argo will pay EUR12.00 for each share brought into the takeover bid while it will shell out EUR2.4 million to take over the remaining 202,249 shares not held in Finlogic.

Finlogic's stock closed Monday at a par at EUR11.95 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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