Marcolin Family and Della Valle brothers launch a public purchase offer for 46.38% of share capital

The Marcolin family, which holds little more than 29% of the share capital, signed a vote and block shareholder pact with the Della Valle brothers for 53.6% of the ordinary shares.

Following the agreement, an obligatory PPI was launched for the remaining 46.38% of the capital at 1.40 euros per share and a maximum equivalent value of 29.46 million. The price is 37.6% higher than the minimum provided for by law and implies a 25-26% premium on the average share price over the past 12 months and 18.14% for last month.

The PPI does not aim at the cancellation of the company quotation; if at the end of the offer the signatories to the agreement total a shareholding of over 90%, within four months said signatories would return a number of outstanding shares as to ensure the regular implementation of the negotiations.

Marcolin also underscored that 'no mergers between some of the bidders and the issuer are envisaged'.