Banca Generali, the offer on Intermonte kicks off

The offer on Intermonte starts at Piazza Affari. Banca Generali, led by Gian Maria Mossa, announces that it has received the go-ahead from the Bank of Italy and Consob for the total voluntary tender offer for the ordinary shares of Intermonte Partners Sim Spa. The Acceptance Period, agreed with Consob, will commence at 8.30 a.m. (Italian time) on 23 December 2024 and will end at 5.30 p.m. (Italian time) on 24 January 2025, inclusive, unless extended in accordance with applicable regulations. Therefore, 24 January 2025 will be the closing date of the Offer, unless the Acceptance Period is extended in accordance with applicable laws and regulations. The payment of the consideration to those who have tendered their Shares to the Offer will take place on 31 January 2025.

On 16 September, Banca Generali launched a voluntary total takeover bid for Intermonte's ordinary shares at a price of €3.04 per share. The offer price, at the time of the launch, incorporated a premium of 21.9% over Intermonte's official share price on 13 September and a premium of 24% over the share's average over the last 3 months. In the event of full acceptance of the offer by all the holders of the 32,300,000 ordinary shares subject to the offer, the maximum total countervalue, calculated on the basis of the per-share consideration, will be EUR 98.2 million. "The offer," reads the note, "aims to collect at least 90% of Intermonte's shares so as to allow its delisting. Banca Generali is thus aiming to integrate Intermonte, a leading independent broker with a leading position in the Italian market and thirty years of consolidated experience and success, into its banking group.

"With the integration, benefits are expected from investment banking and corporate advisory for SMEs and synergies in trading," Banca Generali had explained in the note announcing the IPO, adding that the transaction is part of the group's plan to strengthen its growth "aimed at creating value for all stakeholders through a further differentiation of its positioning with respect to peers, with the development of distinctive professional skills to which to add increasingly in-depth solutions for asset protection and advisory".