Seif’s share price soars; Del Vecchio begins due diligence for the takeover bid for *Il Fatto*
However, the founding shareholders, who hold a majority stake, have stated that they are not interested in the deal
Martina Soligo
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(Il Sole 24 Ore Radiocor) - Societa' Editoriale Il Fatto soars on the stock market after Lmdv Media launched due diligence ahead of a takeover bid. Specifically, the board of directors of Leonardo Maria Del Vecchio’s investment company has resolved to authorise a due diligence process, aimed in part at verifying that the company’s financial requirements over the next 24 months do not exceed 4 million euros, with a view to launching a voluntary full takeover bid for Seif aimed at delisting the company. Any takeover bid would be launched at a price of €0.286 per share, for a total value of €7,152,860.
The consideration incorporates a premium of approximately 30 per cent compared with the official price of Seif shares as at 23 October 2026 and a premium of approximately 16.85 per cent compared with the average of the official prices recorded in the six months preceding that date.
Meanwhile, Seif has received a notice from the founding shareholders Antonio Padellaro, Cinzia Monteverdi, Francesco Aliberti, Peter Gomez, Marco Travaglio, Marco Lillo and Luca d’Aprile, who together hold a majority stake in the company’s share capital, in which they have expressed their “intention not to be interested in selling their shares and therefore not to wish to accept any takeover bid that might be launched by LMDV Media following the completion of the announced due diligence”.
“Based on the Bloomberg consensus, we estimate an implied valuation of 2x EV/EBITDA for 2026,” write the analysts at Equita, who argue that the deal is a positive sign for the publishing sector, but at the same time point out that Seif’s multiple is not necessarily an appropriate benchmark for valuing, for example, Cairo Communication (+1.5 per cent), which holds assets with different characteristics and potentially greater appreciation potential.
Turning to the next steps in the transaction, Seif will convene the board of directors in the coming days to examine the content of the press release issued by Lmdv Media and the communication received from the founding shareholders. The offer would be subject to the fulfilment of certain conditions precedent, including the acquisition of a total stake in the company of at least 82.9 per cent of the voting capital at the ordinary general meeting, thereby rendering inoperative the statutory limit which prohibits the holding of Seif shares in excess of 17 per cent of the company’s share capital.
