Trevi: Board of Directors says Icop’s revised bid is an improvement, but the price remains unreasonable
(Il Sole 24 Ore Radiocor) - The revised offer is acceptable, but the price is not right. This sums up the position of Trevi’s board of directors following Icop’s increase in the exchange ratio for its public offer. The board, in fact, states that the new consideration, ‘whilst an improvement, is not financially appropriate’ and therefore ‘the assessment that Icop’s offer is not favourable to Trevi’s shareholders is confirmed’. This position was unanimously approved by Trevi’s board of directors.
Specifically, Icop has made a revised offer, increasing the consideration from 0.133 to 0.165 newly issued Icop ordinary shares for each Trevi share tendered, with no cash component. The board, ‘following the assessments carried out’, and following “careful analysis” of the revised offer and “the additional documentation examined”, whilst also taking into account the views expressed by the financial advisers, therefore acknowledges that the new exchange ratio “represents an improvement on the consideration originally offered” but considers it “financially unsound”. Hence the confirmation of “its assessment that the offer is not favourable”, even in light of the revised offer, for Trevi’s shareholders.
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