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KKCG Maritime rejects Ferretti board's opposition to 3.90 euros partial tender offer
KKCG Maritime rejects Ferretti board's opposition to 3.90 euros partial tender offer
About this update from Ferretti S.p.a.
KKCG Maritime on Thursday rejected Ferretti's opposition to its 3.90-euro-a-share partial tender offer, saying directors nominated by controlling shareholder Ferretti International Holdings (FIH), a unit of China's Weichai Group, shaped the recommendation.The Czech investor argued that the bid was fair, transparent and provided minority shareholders with an attractive exit, highlighting dissent within Ferretti's board after two directors publicly backed the offer.KKCG, which owns 14.5% of the Italian yacht maker, is seeking to raise its holding to as much as 29.9% through a partial offer for up to 52.1 million shares, or 15.4%, valuing the sweetened deal at about 203.3 million euros.The offer closes on April 13, with settlement due on April 20.Ferretti said last week its board majority, supported by adviser Altus, considered the revised offer "not fair and not reasonable" for independent shareholders, citing valuation concerns, the lack of a full exit and potential governance uncertainty.Weichai, which controls about 38% of Ferretti via FIH, has backed the board's recommendation and has not offered to tender its stake.Honorary Chairman Piero Ferrari and independent director Stefano Domenicali dissented and recommended shareholders accept the offer, while Chief Executive Alberto Galassi abstained. Ferrari has said he intends to tender his entire 4.63% holding.KKCG reiterated the bid is final, saying Hong Kong takeover rules prevent it from raising the price or extending the deadline.Ferretti shares closed at 3.928 euros on Wednesday, up nearly 8% since the offer was launched in January.