Icop makes a renewed bid for Trevi, with an offer increased by 24.1 per cent

A revised offer for Trevi is on the way. Icop’s board of directors has decided to submit a revised offer by increasing the consideration offered as part of the public exchange offer for Trevi-Finanziaria Industriale. The improved offer involves an increase in the consideration originally offered to 0.165 Icop ordinary shares for each Trevi ordinary share tendered in response to the offer.

This consideration is 24.1 per cent higher than the consideration originally offered, which amounted to 0.133 Icop ordinary shares for each Trevi ordinary share tendered in response to the offer. Based on the official price of Icop shares recorded on 26 June 2026, amounting to 31.300 euros, the new consideration represents a monetary valuation of 5.165 euros per Trevi share and therefore constitutes a premium of 49% compared with the price of the Trevi share recorded on the reference date (€3.467) and a premium of 14.8 per cent compared with the offer made by Webuild (€4.500). Consequently, the total consideration rises from 273 to approximately 340 million.

The increase in the offer price represents further and ‘concrete evidence of the offeror’s focus on the market, with the aim of maximising acceptance of the offer and enabling Trevi shareholders, by contributing their shares and simultaneously receiving newly issued Icop shares, to participate, as shareholders of the new integrated group, in the value creation expected from the strategic integration project outlined in the offer document’, explains the company.

The all-Italian battle for the takeover of Trevi began on 28 June 2026, when Icop launched a public offer. The following month, Webuild put forward a competing all-cash bid (OPA), valued at around 280 million euros. The board of directors of Trevi, a company based in Cesena with over 3,000 employees, rejected Icop’s first offer on 10 September and, on Thursday 24 September, also rejected Webuild’s offer. The reasoning is similar: the two offers would not be in the best interests of Trevi’s shareholders, whilst the consideration ‘in no way reflects the value of the company’. Now, however, Icop has improved its offer. According to Icop’s chief executive, Piero Petrucco, “the underground engineering sector is fragmented. It would be interesting to explore consolidation within the sector”. On the stock market, Trevi shares closed at €4.83, up 1.47 per cent.