Ferrari and Domenicali say yes to KKCG's takeover bid for Ferretti Group.
The board of directors split over whether to accept the increased offer (from €3,5 to €3,9 per share). Galassi abstained.
The opposition to the takeover bid presented by KKCG Maritime for Ferretti Group is divided. Following the price increase (from €3,5 to €3,9 per share) announced in recent days, the Board of Directors of the group led by Alberto Galassi reiterated its majority negative opinion on the offer, deeming it financially inappropriate and unfair to independent shareholders. However, two of the directors proposed a different proposal, contrary to the shareholders' expectations. Alberto Galassi abstained.
The rift within the Board of Directors saw Piero Ferrari and Stefano Domenicali express their disagreement with the prevailing position, even recommending that independent shareholders accept the offer. This position clearly places them in open conflict with both the Board majority and the opinion of the independent financial advisor, who deemed the offer inappropriate and unreasonable.
In its assessments, the Board of Directors also took into account the analysis of the Independent Financial Adviser, which deemed the consideration inadequate from a financial perspective, thus recommending caution to the independent shareholders called upon to decide whether or not to participate in the tender offer. This position was also shared by the majority of the Independent Board Committee, although even within this advisory body there were differences of opinion.
The market now remains to be seen how shareholders will respond to the improved offer and whether the price increase will be sufficient to attract buyers. Meanwhile, within the company, the debate between those in favor and those against the takeover bid is highlighting differing views on the group's value and future.
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