Illimity, Ifis' Opas successful: 84.09% subscription rate
Race on the last day of the bidding: it is the first of the risiko to go through. Deadlines re-opened 7 to 11 July
2' min read
2' min read
The Opas launched by Banca Ifis on all the shares of Illimity Bank has been successfully closed. At the last day the adhesions have reached 84.09% of the share capital (more than 70 mln shares on offer), from 52.33% reached at yesterday's closing. This is what emerged from a press release issued by Borsa Italiana. In the morning, Corrado Passera, founder and ceo of Illimity, had also announced his adherence to the Opas, announcing the delivery of his shares in the bank, amounting to 3.973% of Illimity's share capital.
The adhesions, however, did not exceed the threshold of 90% of the share capital, a necessary condition for Banca Ifis to recognise a cash premium of 5%, equal to EUR 0.1775 for each Illimity share taken up in the public tender offer.
The percentage reached, however, exceeds the minimum threshold of 66.67% set by the Furstenbergs' institution. With the achievement of the 60% sub-threshold for the offer to be effective, Banca Ifis has its hands free to push through the merger project by incorporation of illimity Bank at the extraordinary shareholders' meeting.
The first offer in port
.The offer, which started on 19 May, is the first to go through in the tormented risiko between the banks and has been accelerated by the 5% premium announced by the shareholder La Scogliera (owner of 50.64% of the share capital of Banca Ifis) in the event of exceeding the 90% threshold. A move that also shook up the consultation pact that coagulated 27.2% of the capital of illimity and was built around Passera himself. .
The pact was dissolved by 'mutual consent' and the bank's founder and CEO also decided to contribute his 3.973% to the opas when the offer closed.
