Confindustria: Voluntary full takeover bid on special shares of Il Sole 24 Ore
42.54% premium over the official share price on 8 April 2025. Orsini: 'An operation in the spirit of Italian entrepreneurs'.
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Confindustria Servizi S.p.A., a wholly-owned subsidiary of Confindustria and subject to a resolution of the General Council of Confindustria itself, has announced the launch of a voluntary, all-inclusive tender offer through a newly-formed corporate vehicle (BidCo), aimed at the acquisition of all the special shares of Il Sole 24 Ore S.p.A. (the "Company") not yet held (the "Offer"). In particular, the Offer relates to a maximum of 18,020,513 special shares, equal to approximately 31.98% of the capital represented by this class.
The operation," a statement said, "is aimed at delisting the special shares from the Euronext Milan market and is part of a broader strategic project to consolidate and relaunch the company. In particular, the Offer represents a functional tool for the pursuit of future growth objectives, allowing Il Sole 24 Ore to operate in a context of greater managerial and organisational flexibility, with faster decision-making times and a significant reduction in the compliance costs associated with listing.
The Offer also intends to provide the shareholders of Il Sole 24 Ore with a divestment opportunity at more favourable conditions than those of the market, taking into account the limited liquidity of the share and its recent stock market performance.
The consideration offered is EUR 1.10 per share 'cum dividend' and incorporates:
1) A premium of 42.54% over the official share price on 8 April 2025,
