Finance
Ferretti Board Says Sweetened Kkcg Maritime Offer 'not Fair or Reasonable'
Published by Global Banking & Finance Review®
Posted on April 2, 2026
2 min readLast updated: April 2, 2026
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Quick Summary
Ferretti’s board has deemed KKCG Maritime’s revised €3.90-per-share offer “not fair or reasonable” for independent shareholders, despite the premium and stock’s recent rise.
Ferretti Board Calls KKCG Maritime’s Increased Buyout Offer Unfair
Ferretti Board's Response to KKCG Maritime's Buyout Offer
Background of the Buyout Offer
April 2 (Reuters) - Italian yacht maker Ferretti said on Thursday its board considers a sweetened offer by Czech investment firm KKCG Maritime "not fair or reasonable" for independent shareholders.
KKCG Maritime, which currently owns 14.5% of Ferretti, is seeking to double its stake and push for changes to a board appointed by the yacht maker's China-based controlling shareholder, Weichai.
Details of the Revised Offer
KKCG last week raised its offer to 3.90 euros per share from 3.50 euros, saying it would not increase the bid any further.
Ferretti shares closed at 4.10 euros on Thursday and have risen about 13% since KKCG launched the offer in January.
Board's Assessment and Internal Reactions
In a split decision, Ferretti's board said the revised consideration of about 203.3 million euros was "not congruous for the independent shareholders," and deemed the offer "not fair and not reasonable," according to the company's statement.
Directors Stefano Domenicali and Piero Ferrari dissented, while Chief Executive Alberto Galassi did not take part in the vote.
KKCG Maritime's Strategic Intentions
KKCG Maritime had said last week its increased bid aims to boost shareholder participation and support its strategy to take a more active role in the yacht maker's development.
Additional Information
($1 = 0.8665 euros)
(Reporting by Rajveer Singh Pardesi in Bengaluru; Editing by Leroy Leo)
Key Takeaways
- •Ferretti’s board rejected KKCG’s raised bid, citing inadequate valuation and structural limitations, with dissenting votes from Domenicali and Ferrari; CEO Galassi abstained.
- •KKCG’s latest offer of €3.90 remains below market at €4.10, nonetheless rising shares since January signal investor skepticism on valuation.
- •KKCG aims to boost its stake to 29.9% and influence board appointments, but Ferretti cites concerns over governance duopoly and minority shareholder exposure.
Frequently Asked Questions about Ferretti board says sweetened KKCG Maritime offer 'not fair or reasonable'
1What offer did KKCG Maritime make for Ferretti shares?
KKCG Maritime raised its offer for Ferretti shares to 3.90 euros per share, up from 3.50 euros.
2Why did Ferretti's board reject the KKCG Maritime offer?
Ferretti's board deemed the revised offer of 3.90 euros per share not fair or reasonable for independent shareholders.
3How much of Ferretti does KKCG Maritime currently own?
KKCG Maritime currently holds a 14.5% stake in Ferretti.
4What is the role of Weichai in Ferretti?
Weichai is the China-based controlling shareholder of Ferretti and currently influences the board's composition.
5How did Ferretti's share price react to the KKCG offer?
Ferretti shares closed at 4.10 euros after the revised offer and have risen about 13% since the offer's launch.
