Czech investment firm KKCG Maritime on Friday raised its voluntary offer to boost its stake in Italian yacht maker Ferretti, to as much as 203.3 million euros ($234.55 million).
The revised offer of 3.90 euros per share values Ferretti at 1.32 billion euros and represents a 2.7% premium to its last closing price and a 35.1% premium to its price before the offer period began.
The investment firm is seeking to acquire up to 52.1 million shares in Ferretti, or about 15.4% of its share capital.
The increased consideration aims to boost shareholder participation and support KKCG Maritime’s strategy to take a more active role in the yacht maker’s development, it said.
Ferretti had said earlier this month that an independent financial adviser deemed KKCG Maritime’s initial offer of 182 million euros “not attractive”, while the company’s independent board committee recommended shareholders to reject the bid.
KKCG Maritime, however, said it would not raise the offer further, in line with Hong Kong takeover rules.
Source: Reuters.com