Investment firm KKCG Maritime announced Monday its intention to launch a conditional partial tender offer to acquire up to 52.13 million shares of Italy's Ferretti SpA (F3T1.F,YACHT.MI), representing 15.4% stake. The offer price is set at 3.50 euros or approximately HK$31.71 per share.
The maximum total value of the offer, assuming total acceptance, would be 182.47 million euros, to be paid in cash. The offer will be launched exclusively in Italy and Hong Kong.
If the offer is fully accepted, KKCG Maritime will hold 101.16 million shares or 29.9% of Ferretti's subscribed and paid-in share capital in total, up from the current 14.5% stake.
KKCG Maritime intends the consideration to be on a "cum dividend" basis, meaning the offer price will include any declared dividends.
The company added that it intends to exercise its rights as a significant shareholder at the next annual general meeting of Ferretti. The meeting will resolve upon the approval of the fiscal 2025 financial statements and the appointment of the Board of Directors.
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