Luigi Lovaglio CEO of Creval Group (Lapresse)
The stock market immediately takes measurements on the CreVal stock after yesterday evening the Credit Agricole Italy raised the price of the takeover bid which could reach € 12.50 per share from the € 10.5 set last November. The actions of the group led by Luigi Lovaglio they rose in the morning by 0.7% to 12.42 euros, with an intraday maximum reached at 12.58 euros.
A few days after the closing whistle of the takeover bid (21 April) which was registering very few subscriptions, the Italian subsidiary of the French group has announced that it will offer a new consideration of 12.20 euros for each share tendered in the tender offer, with a premium of 41% compared to the official price of Creval shares as at 20 November, or in the last session before the announcement of the offer.
The price will be increased by another 30 cents if Credit Agricole will come to hold 90% of the Valtellinese institute following the offer which will end, except for extensions, on April 21. In the latter case, the total outlay of the Banque Verte is approximately 855.4 million euros. Since the announcement of the offer, Creval’s stock market prices have been above the takeover bid price.
Creval yesterday closed at € 12.34, with an increase of 0.24%. The market bets on a raise were supported by opposition from several shareholders, altogether representing almost 30% of the capital, which they considered the price originally offered low. L’Agriculture announced that the press release on the provisional results of the offer will be disseminated by 21 April 2021 and, in any case, by 7:59 am on 22 April 2021, except for extensions of the subscription period.