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The latest update is out from Ferretti S.p.A. ( (IT:YACHT) ).
Ferretti S.p.A. has announced that a shareholder (the Offeror) intends to launch a voluntary conditional partial public tender offer for up to 52,132,861 shares, equivalent to 15.4% of the company’s subscribed and paid-in share capital. If fully taken up, the Offeror’s stake would rise from 14.5% to 29.9%, and the offer will be made to all shareholders on a non-discriminatory basis under the regulatory regimes of both Italy and Hong Kong. In line with takeover rules, Ferretti’s board has formed an Independent Board Committee made up of non-executive and independent directors with no interest in the deal, which will appoint an independent financial adviser to evaluate the offer and guide minority shareholders. Until the company issues a formal response document containing the views of the board, the committee and the adviser, the directors are not making any recommendation and have urged independent shareholders to refrain from taking action on the offer.
More about Ferretti S.p.A.
Ferretti S.p.A. is an Italian joint-stock company with limited liability listed on the Hong Kong Stock Exchange. The company operates in the luxury yacht and leisure boating industry, focusing on the design, production and sale of high-end vessels for an international clientele and capital markets presence in both Italy and Hong Kong.
See more data about YACHT stock on TipRanks’ Stock Analysis page.