(Finance) – The acceptance period for the takeover bid ended today Generali Bank on 99.9923% of the capital of Intermonte at the price of 3.04 euros per share, for a total value of 98.2 million euros.
Based on the provisional results, the shares tendered were equal to 95.332% of the shares offered.
Considering treasury shares, Banca Generali has reached 95.932% of Intermonte’s capital and there are currently the conditions for Banca Generali to exercise the right to purchase (squeeze-out) the residual shares not tendered in accordance with the OPA et al delisting of Intermonte from Piazza Affari.
The public offering on Intermonte, we read in a note, “is part of Banca Generali’s growth plan with a further differentiation of its positioning compared to peers thanks to the acquisition of a recognized and well-known brand in the sector, the integration of complementary and synergistic activities to its private activity and positioning and to the strengthening and diversification of its commission revenue component”.
Gian Maria Mossa, CEO of Banca Generali declares: “We are very satisfied with the result which has attracted strong feedback from all shareholders. Investors understood the quality of the operation which creates value for all stakeholders and this gives us great confidence for the new path we are about to follow together. We aim not only at synergies in the perfect complementarity of our activities, but at the development of a service model which, counting on the professionalism and distinctiveness of their respective skills, increasingly establishes itself as a point of reference in solutions serving businesses, entrepreneurs and Italian families. We are excited to open this new chapter of growth together with our new colleagues and the management of Intermonte with whom we share values and vision for the future, in support of the SMEs of the system
Village. In the coming months we will present the guidelines of the new plan in which their contribution will be a important pillar of our ambitions for the future.”
Guglielmo Manetti, CEO of Intermonte declares: “We are happy with the outcome of the takeover bid by Banca Generali and that our shareholders immediately recognized and embraced the potential of this operation together with us. With the completion of the offer in the next few days, we will become part of an excellence in the world of private banking and consultancy and we see many synergies to develop together, a combination that projects us towards a new dimension.
We look forward to working together with the management team, a group of professionals who are among the most esteemed by investors even beyond national borders, with whom we will share ambitious growth projects. The complementarity of our activities and the strong positioning of Banca Generali alongside entrepreneurs and companies guarantee Intermonte new, very promising development prospects.”