(Alliance News) – Saras Spa has announced that Massimo Moratti Sapa of Massimo Moratti, Angel Capital Management Spa and Stella Holding Spa and Vitol BV, a Dutch company, have entered into a sale and purchase agreement under which the Moratti family has agreed to sell shares in Saras representing about 35 percent of the company’s share capital to Vitol at a price of EUR1.75 per share.
The price per share implies a capitalization of Saras around EUR1.7 billion.
According to the agreement, Angel Capital Management has committed to sell to Vitol any shares in Saras that it might receive based on the existing funded collar derivative contract, which covers about 5 percent of Saras’ share capital.
In the event that a dividend is resolved and distributed by Saras before the completion date of the transaction, the price per share will be reduced accordingly, the company explained in a note.
In addition, the transaction will result in the occurrence of an obligation to launch a mandatory tender offer for the share capital of Saras, which will be promoted by Vitol at EUR1.75 per share, or at the adjusted price if a dividend is distributed prior to the completion of the transaction.
The goal of the takeover bid is to have Saras’ ordinary shares delisted and traded on Euronext Milan.
On Friday, Saras closed in the green by 8.0 percent at EUR1.80 per share.
By Claudia Cavaliere, Alliance News reporter
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