Cairo Communication wins control of Rcs Mediagroup‘s capital, after having gained a 48.82% stake in a tender offer which closed last Friday July 15th. The same day had closed a counter tender offer launched by a consortium led by private equity firm Investindustrial through International Media Holding (other members of the consortium being historic Rcs’s shareholders Mediobanca, Diego Della Valle, Pirelli e Unipol) which gathered just a 37.7% (download here a note by the Italian Stock Exchange).
Shareholders who gave their shares to Imh’s tender offer are free to migrate to Cairo Communication’s offer by July 21st, while Investindustrial’s managing principal Andrea Bonomi already made clear that he won’t go on with such a result.
Final relaunches on Rcs Mediagroup tender offers had come on July 9th late in the evening as both counterparts put forward their last bid for the Corriere della Sera and Gazzetta dello Sport‘s publisher (see here a previous post by BeBeez). Cairo Communication was offering 0.18 Cairo Communication’s share for each Rcs share plus 0.25 euro per Rcs share. On the other side Imh was offering 1 euro per Rcs share, in an all cash offer.