Webuild: confirms takeover bid price for Trevi, lowers threshold to 50 per cent plus one right
Complaint lodged with Consob regarding potential irregularities in the relaunch of Icop
(Il Sole 24 Ore Radiocor) - Webuild confirms the price of its takeover bid for Trevi. The group’s board of directors considers the cash consideration, amounting to 4.5 euros per share, to be of ‘certain and immediate value to shareholders’. The board has also decided to reduce the minimum shareholding in Trevi required for the offer to take effect to 50 per cent plus one voting right (compared with the 66.7 per cent previously stipulated). According to Webuild’s analysis of estimates provided by Trevi’s advisers, “even after the revised bid, Icop’s offer values Trevi at €3.4 per share”, states the press release from the company led by Piero Salini. Webuild points out that “under the Icop bid, Trevi’s shareholders receive historically illiquid shares in a company with rising debt and a plan that envisages growth exceeding that of its markets”.
Webuild also reported to Consob – in a complaint dated 28 September – potential irregularities in the relaunch of Icop.
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