Trevi Board Rejects Webuild’s Takeover Bid, Calls Offer Unfair and Inadequate
Overview of Competing Takeover Bids for Trevi
Board’s Assessment of Webuild’s Offer
MILAN, Sept 24 (Reuters) - Italian engineering company Trevi Finanziaria Industriale said on Thursday its board deemed unfair the price proposed by larger rival Webuild to buy the company, saying it did not adequately reflect Trevi's value.
Details of Webuild’s Proposal
• Trevi has attracted two competing bids from Webuild and smaller rival Icop in recent months.
• Webuild has offered €4.50 per share in cash for all of Trevi's shares, valuing the company at €295 million ($335 million).
Board’s Assessment of Icop’s Offer
• Earlier this month, Trevi's board also deemed Icop's offer financially inadequate.
Details of Icop’s Proposal
• Icop's all-share takeover bid for all of Trevi, values the company €273 million, or €4.16 per share.
Acceptance Periods and Market Response
• The acceptance period for Icop's offer began on September 14 and runs until October 16. The bid has attracted little or no acceptances so far, according to Borsa Italiana data.
• The acceptance period for Webuild's bid is due to begin on September 28 and end on November 20.
Exchange Rate Information
($1 = 0.8797 euros)
(Reporting by Gianluca Semeraro, editing by Giulia Segreti)
