Trevi shares surge on the Milan Stock Exchange following the launch of Icop’s public offer

(Il Sole 24 Ore Radiocor) – The public exchange offer launched by Icop is giving a boost to Trevi Fin Ind on the Milan Stock Exchange. The company’s shares, which had been unable to form a price for over half an hour, are now trading firmly higher after Icop announced the voluntary full public exchange offer aimed at delisting the shares. The offer 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”. The takeover bid, conditional upon securing 90 per cent of the voting rights, provides for an exchange ratio of 0.133 newly issued Icop shares for each Trevi share which, based on prices as at 26 June, represents a valuation of €4.163 per Trevi share. The price, Icop emphasised in a statement, “represents a premium of 20.1 per cent over the” closing price on Friday. In the event of full acceptance of the offer, the total value of the transaction will be approximately 273 million.

The integrated group, net of synergies, will have revenues of over one billion and an order book of over two billion. Once the synergies are fully realised, from the fourth year following the completion of the offer, they are estimated at 120–140 million in terms of revenue and 55–75 million in terms of EBITDA. Icop has also begun the process of transferring its shares from the Euronext Growth Milan market to the main Euronext Milan market. On the EGM, Icop’s share price is trading lower. At current share prices, the implied valuation of Trevi shares is therefore 3.9501 euros, with a residual premium of 1.8 per cent.