Banca Generali, tender offer on Intermonte at €3.04

New offer at Piazza Affari. And new delisting. Banca Generali launches a voluntary total takeover bid for Intermonte's ordinary shares at a price of €3.04 per share.

The consideration," reads the note, "incorporates a premium of 21.9% over Intermonte's official share price as at 13 September and a premium of 24% over the average share price over the last three months. In the event of full acceptance of the offer by all the holders of the 32,300,000 ordinary shares covered by the offer, the maximum total countervalue, calculated on the basis of the consideration per share, will be EUR 98.2 million. "The offer," the note reads, "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 explained in the note, adding that the transaction is part of the plan to strengthen the group's 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".

On the basis of conservative projections, Banca Generali also expects to be able to generate a volume of revenue and cost synergies such as to allow for an estimated return on investment (Roi) in excess of the bank's cost of capital. The launch and completion of the Offer is in any case subject to obtaining regulatory authorisations.