Ferretti board says sweetened KKCG Maritime offer ‘not fair or reasonable’

Industry:    3 hours ago

Italian yacht maker Ferretti said on Thursday ​its board considers a sweetened offer ‌by Czech investment firm KKCG Maritime “not fair or reasonable” for independent shareholders.

KKCG Maritime, which currently owns 14.5% ​of Ferretti, is seeking to double its ​stake and push for changes to a ⁠board appointed by the yacht maker’s China-based controlling ​shareholder, Weichai.

KKCG last week raised its offer to 3.90 euros per ​share from 3.50 euros, saying it would not increase the bid any further.

Ferretti shares closed at 4.10 euros ​on Thursday and have risen about 13% ​since KKCG launched the offer in January.

In a split ‌decision, ⁠Ferretti’s board said the revised consideration of about 203.3 million euros was “not congruous for the independent shareholders,” and deemed the offer “not fair and not ​reasonable,” according to ​the company’s statement.

Directors ⁠Stefano Domenicali and Piero Ferrari dissented, while Chief Executive Alberto Galassi ​did not take part in the vote.

KKCG ​Maritime ⁠had said last week its increased bid aims to boost shareholder participation and support its ⁠strategy ​to take a more active ​role in the yacht maker’s development.

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