Icop: launches a full takeover bid for Trevi; the share exchange incorporates a valuation of €4.163
20.1% gain. Trevi and Icop to be delisted from Egm and Euronext
(Il Sole 24 Ore Radiocor) - I.CO.P. – a benefit corporation active in special-purpose foundations and listed on Euronext Growth Milan – has decided to launch a voluntary, full public exchange offer for the ordinary shares of Trevi Group. The offer is being made on a voluntary basis and is aimed at achieving strategic integration between the offeror and the issuer and, through this, the creation of a major international player in the special foundations and ground engineering sector. Icop intends to have Trevi’s shares delisted from Euronext Milan. The public offer relates to up to 65,578,216 Trevi shares, representing 100% of the share capital following the capital increase, and provides for an exchange ratio of 0.133 newly issued I.CO.P. shares for each Trevi share (133 I.CO.P. shares for every 1,000 Trevi shares). Based on the I.CO.P. share price as at 26 June, amounting to 31.3 euros, the exchange ratio implies a valuation of €4.163 per Trevi share, representing a premium of 20.1% compared with Trevi’s share price of €3.467 on 26 June 2026. In the event of full acceptance of the offer, I.CO.P. will issue a maximum of 8,721,903 new shares, representing approximately 21.5% of the fully diluted share capital, for a total transaction value of approximately €273 million. Based on the combined consolidated figures of the two companies, net of synergies, the integrated group resulting from the offer will have pro-forma revenues in excess of 1 billion and a combined order book in excess of 2 billion; it will have a solid financial profile with significant potential for deleveraging and will enable the generation of synergies once fully operational, from the fourth year following the completion of the Offer, ranging from 120–140 million in additional annual revenue and between 55–75 million in annual EBITDA. I.CO.P. has announced that the board of directors has approved the launch of the project to transfer the shares from the EGM to the regulated market on Euronext Milan.
Lab-com
