Roughly three weeks ago, the chairman and CEO, Massimo Zanetti, who indirectly holds ~68% of the company made a voluntary offer to acquire all outstanding shares for a price of €5.00 per share. While this lifted the share price from below €4 to now €5, this still doesn’t come close to the fair value we assigned to the shares. However, since the offering party already owns the majority of the shares, it seems rather unlikely that either the deal falls through or that there will be an adjustment in the offering price.
When the first blog entry was made this January, it was expected that the opposite will happen: a further sell down of the majority stake to third party investors to turn this into a ‘real’, stock market listed company. Now they will become a fully private entity again.
On the bright side, there are still many great value plays in Europe where the sale proceeds can be allocated to. New stock ideas will follow in due course.
Current Price
€5.00 per share
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