Trevi's board said on 8 October that Webuild's raised cash offer of €5.165 a share falls within the value ranges it had set out, albeit in the lower part. Webuild had lifted the price from €4.50 after buying a 13.916% block from Praude Asset Management on 5 October.
Deal terms and financing
Because Webuild paid €5.165 for 9,125,702 Trevi shares bought from Praude, Italian rules require the same price to be paid to all shareholders who tender, including those who had already accepted. Further market purchases on 5 and 6 October at no more than €5.165 took Webuild to 18,161,108 shares, about 27.69% of capital. The maximum outlay for the remaining shares is about €274.6m. Webuild had already cut its acceptance threshold to 50% plus one voting right on 2 October.
Regulatory approvals and timing
Trevi's board approved its updated issuer statement with all directors present in favour and Cdp representative Andrea Nuzzi abstaining, stressing that it is not a recommendation to accept or reject. Trevi asked its lending banks on 7 October to waive change-of-control remedies after Cdp Equity ceased to be its largest shareholder. Both Webuild's tender and Icop's exchange offer run until 20 November.
Market context
Icop is offering 0.165 of its own shares per Trevi share, so the value of its bid moves with Icop's share price. The two bidders have filed complaints against each other with Consob over how their offers have been presented.
