No Result
View All Result
  • Private Data
  • Membership options
  • Login
  • COUNTRY
    • ITALY
    • IBERIA
    • FRANCE
    • UK&IRELAND
    • BENELUX
    • DACH
    • SCANDINAVIA&BALTICS
  • PRIVATE EQUITY
  • VENTURE CAPITAL
  • PRIVATE DEBT
  • DISTRESSED ASSETS
  • REAL ESTATE
  • FINTECH
  • GREEN
  • PREMIUM
    • ItaHubHOT
      • ItaHub Legal
      • ItaHub Tax
      • ItaHub Trend
    • REPORT
    • INSIGHT VIEW
    • Private Data
Subscribe
  • COUNTRY
    • ITALY
    • IBERIA
    • FRANCE
    • UK&IRELAND
    • BENELUX
    • DACH
    • SCANDINAVIA&BALTICS
  • PRIVATE EQUITY
  • VENTURE CAPITAL
  • PRIVATE DEBT
  • DISTRESSED ASSETS
  • REAL ESTATE
  • FINTECH
  • GREEN
  • PREMIUM
    • ItaHubHOT
      • ItaHub Legal
      • ItaHub Tax
      • ItaHub Trend
    • REPORT
    • INSIGHT VIEW
    • Private Data
Home COUNTRY ITALY

Apollo Impact’s tender offer on Reno De’ Medici to close next Friday 17th

Bebeezby Bebeez
December 14, 2021
Reading Time: 3 mins read
in ITALY, PRIVATE EQUITY
Share on FacebookShare on Twitter

The mandatory tender offer launched on Reno d’Medici (RdM) by Apollo Global Management through the vehicle Rimini Bidco srl, a newco controlled by Apollo Impact, Apollo’s ESG investment platform, will close on Friday December 17th.

The takeover bid was launched on 1 December after Consob, the Italian Supervisory Authority on Financial Markets, had given the green light for the publication of the Offering Document on November 18th (see the press release here). Consob had suspended its examining procedure at the beginning of November asking the company to make changes and additions to the prospectus. In the meantime Rimini Bidco had proceeded with daily purchases of RdM shares on the market (see here a previous article by BeBeez).

We recall that last July Rimini Bidco signed an agreement to take over approximately 67% of Reno de Medici, one of the main European producers of recycled-based cardboard listed on the Star segment of Piazza Affari. Hence the takeover bid obligation (see here a previous article by BeBeez).

The shares were sold by Cascades Inc., one of the main Canadian paper groups, which up to now holds 57.6%, and the compatriot Caisse de Depot et Placement du Quebec, which in turn owns 9.1% (see here the press release print of Apollo and here that of Cascades). The purchase took place at the price per share of 1.45 euros, for a total of over 365 million euros, based on an enterprise value of approximately 553 million euros. The valuation corresponds to approximately 7.8-7.9x the ebitda expected by analysts for 2021 (around 70 million euros).  The mandatory takeover bid will be launched at the same price of 1.45 euros per share.

The share price has substantially aligned with the takeover bid price since July. At the moment, however, subscriptions to the takeover bid are still very limited: last Monaday 13 December only  10,588,425 shares had been brought to the offer, equal to 10.6% of the offer. From the point of view of the effectiveness of the offer, there is no problem, because, since it is a compulsory totalitarian offer, there are no conditions of effectiveness. Given that Apollo’s objective is, however, the delisting from Piazza Affari, in the event that the delisting should not be carried out at the end and due to the effect of the mandatory offer, it can then be achieved through the merger of Reno de Medici in Rimini. or in another company controlled by the Apollo funds.

Rimini Bidco will finance the operation, including any refinancing of RDM’s existing debt, through a combination of its own funds and a bank loan for which a full commitment has already been obtained from leading international banks.

Allen & Overy and Paul, Weiss, Rifkind, Wharton & Garrison acted as Apollo’s legal advisers. Jones Day and Rothschild & Co. acted as legal and financial advisor to Cascades, respectively. Latham & Watkins acted as legal advisor to Caisse de dépot ed placement du Québec.

The stock benefited from a policy of gradual international expansion of Reno de Medici, active in 70 countries, also carried out through acquisitions, the latest of which were the one of the Spanish Papelera del Principado, and the one concluded in June on the Dutch Eska (see here a previous article by BeBeez). A few months earlier, in February, the Italian paper group had instead sold its French subsidiary La Rochette to the German holding specialized in turnaround Mutares to focus on the production of cardboard from recycled material (see here a previous article by BeBeez).

Meanwhile, last Thursday 9 December the Board of Directors appointed Andrea Moneta, senior advisor Italy and operating partner financial services of Apollo, as chairman, and confirmed as ceo Michele Bianchi (see the press release here).

Gateways to Italy

Gateways to Italy – Offer your services to funds and investors willing to explore opportunities in Italy. Become a partner!

Gateways to Italy – Offer your services to funds and investors willing to explore opportunities in Italy. Become a partner!

by Partner
June 6, 2023

Sign up to our newsletter

SIGN UP

Related Posts

PRIVATE DEBT

VodafoneThree merger could whet the appetite for more consolidation in Europe

June 6, 2025
Italy’s private equity weekly roundup. News from Fabbrica Italiana Sintetici, Bain Capital Private Equity, Nexi, F2i, Hellmann & Friedman, Rina, CDP, Arca Space Capital, Apax, and more
ITALY

Italy’s Real Estate weekly round-up. News from Bain Capital, Stoneweg Group, Valtidone Logistic Development, Yeldo, Taurus, Prime, Castello, and more

June 6, 2025
DACH

White & Case Advises Bryan, Garnier & Co. on Its Acquisition by Stifel Financial Corp.

June 6, 2025

ItaHub

Crypto-assets supervision rules in Italy, Banca d’Italia will supervise payment systems and Consob on market abuse

Crypto-assets supervision rules in Italy, Banca d’Italia will supervise payment systems and Consob on market abuse

November 4, 2024
Italy’s SMEs export toward 260 bn euros in 2025

Italy’s SMEs export toward 260 bn euros in 2025

September 9, 2024
With two months to go before the NPL Directive, in Italy the securitization rebus is still to be unraveled

With two months to go before the NPL Directive, in Italy the securitization rebus is still to be unraveled

April 23, 2024
EU’s AI Act, like previous rules on technology,  looks more defensive than investment-oriented

EU’s AI Act, like previous rules on technology, looks more defensive than investment-oriented

January 9, 2024

Co-sponsor

Premium

Funds vying for management consulting firm BIP, a CVC portfolio company. All deals in the sector

Funds vying for management consulting firm BIP, a CVC portfolio company. All deals in the sector

March 6, 2025
Private equity, Italy 2024 closes with 588 deals as for investments and divestments from 549 in 2023. Here is the new BeBeez’s report

Private equity, Italy 2024 closes with 588 deals as for investments and divestments from 549 in 2023. Here is the new BeBeez’s report

February 10, 2025
Crypto-assets supervision rules in Italy, Banca d’Italia will supervise payment systems and Consob on market abuse

Crypto-assets supervision rules in Italy, Banca d’Italia will supervise payment systems and Consob on market abuse

November 4, 2024
Venture capital investments top €1.3bn in 208 rounds as of Sep30  in Italy. They were €1.5 in all 2023. The new BeBeez Report

Venture capital investments top €1.3bn in 208 rounds as of Sep30 in Italy. They were €1.5 in all 2023. The new BeBeez Report

October 28, 2024
Next Post

Startups and fintech scaleups, in 11 months over 870 mln euros raised. From 2018 over 1.7 bln. BeBeez Report

Italy's angles&incubators, fintech and venture capital weekly roundup. News from Bending Spoons, CashInvoice, Fifty, Neva sgr, Eureka! Venture sgr and more

EdiBeez srl

C.so Italia 22 - 20122 - Milano
C.F. | P.IVA 09375120962
Aut. Trib. Milano n. 102
del 3 aprile 2013

COUNTRY

Italy
Iberia
France
UK&Ireland
Benelux
DACH
Scandinavia&Baltics

CATEGORY

Private Equity
Venture Capital
Private Debt
Distressed Assets
Real Estate
Fintech
Green

PREMIUM

ItaHUB
Legal
Tax
Trend
Report
Insight view

WHO WE ARE

About Us
Media Partnerships
Contact

INFORMATION

Privacy Policy
Terms&Conditions
Cookie Police

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • COUNTRY
    • ITALY
    • IBERIA
    • FRANCE
    • UK&IRELAND
    • BENELUX
    • DACH
    • SCANDINAVIA&BALTICS
  • PRIVATE EQUITY
  • VENTURE CAPITAL
  • PRIVATE DEBT
  • DISTRESSED ASSETS
  • REAL ESTATE
  • FINTECH
  • GREEN
  • PREMIUM
    • ItaHub
      • ItaHub Legal
      • ItaHub Tax
      • ItaHub Trend
    • REPORT
    • INSIGHT VIEW
    • Private Data
Subscribe
  • Login
  • Cart