I.M.A. Industria Macchine Automatiche S.p.A. (BIT:IMA) agreed to acquire remaining 39.9% stake in GIMA TT S.p.A. (BIT:GIMA) for approximately €290 million on June 7, 2019. Under the terms, I.M.A. will issue 11.4 shares for every 100 shares of GIMA. Transaction is subject to approval from shareholders of I.M.A. and GIMA, receiving e opinion on the adequacy of the Exchange Ratio by the common expert and admission and trading of shares issued as part of consideration.

As of June 10, 2019, Independent Committee unanimously approved the transaction. As of June 11, 2019, Board of Directors of I.M.A. and GIMA approved the transaction. On August 8, 2019, the transaction was approved by the shareholders of both I.M.A. Industria Macchine Automatiche and GIMA TT.

As on September 27, 2019, IMA's Board of Directors approved absorption of GIMA. Transaction is expected to be completed by the end of 2019. Bank Of America Merrill Lynch International DAC, Milan Branch acted as financial advisor and White & Case LLP acted as legal advisor for I.M.A. Equita SIM S.p.A. acted as financial advisor and White & Case LLP acted as legal advisor for GIMA.

Houlihan Lokey S.p.A. acted as financial advisor and Francesco Denozza acted as legal advisor for Independent committee of GIMA.