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Finance

Trevi says Webuild's sweetened bid is at low end of fair value range

Published by Global Banking & Finance Review

Posted on October 8, 2026

1 min read

· Last updated: October 8, 2026

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Trevi: Webuild’s Raised Takeover Price Sits at Low End of Fair Value

Webuild and ICOP Compete for Trevi with Improved Offers

Oct 8 (Reuters) - Italian engineering group Trevi said on Thursday that the improved takeover price offered by larger rival Webuild falls at the lower end of its fair valuation range.

Details of Webuild’s Offer

Webuild on Monday raised its cash offer to €5.165 ($5.78) from €4.50 per share. As of October 7 it held a stake of around 27.7% in Trevi.

Trevi Board’s Assessment

  • Trevi's board, which met on Thursday, found that Webuild's sweetened price was at the lower end of the valuation range it had previously identified as fair value between €5.1 and €6.1 per share
  • The board's assessment does not constitute a recommendation to accept or reject the offer, Trevi said

ICOP’s Competing Bid

  • Webuild and smaller rival ICOP are both bidding for Trevi. ICOP has also raised its price to €5.165 per share, but as part of an all-share offer
  • Trevi's board has deemed ICOP's sweetened offer "not financially adequate"
Exchange Rate Information

($1 = 0.8937 euros)

Reporting and Editing Credits

(Reporting by Enrico Sciacovelli, editing by Alvise Armellini, Gianluca Semeraro)

Key Takeaways

  • Webuild’s revised cash offer of €5.165 per Trevi share, representing ~€47.1M acquisition and raising its stake to ~18.9%, is seen as fair but conservative by Trevi’s board. (webuildgroup.com)
  • Trevi’s advisors set a fair value range between €5.1 and €6.1 per share; the €5.165 offer lands at the lower bound of that spectrum. (finanza.repubblica.it)
  • Despite matching Webuild’s cash bid, ICOP’s all‑share offer is judged ‘not financially adequate’ by Trevi’s board, given its share‑based nature and valuation uncertainties. (webuildgroup.com)

References

Frequently Asked Questions

What price did Webuild offer for Trevi shares?
Webuild raised its cash offer for Trevi shares to €5.165 per share, up from €4.50.
How does Trevi view the value of Webuild's offer?
Trevi said Webuild's improved offer is at the lower end of its identified fair valuation range of €5.1 to €6.1 per share.
What stake does Webuild currently hold in Trevi?
As of October 7, Webuild held a stake of around 27.7% in Trevi.
What was the board's assessment of ICOP's bid?
Trevi's board deemed ICOP's sweetened all-share offer of €5.165 per share as 'not financially adequate.'
Did Trevi's board recommend accepting Webuild's offer?
Trevi's board did not make a recommendation to accept or reject Webuild's offer.

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