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Ferretti Board Rejects Bid as 'Not Fair'
3 Apr
Summary
- Ferretti's board found KKCG's offer unreasonable for shareholders.
- The yacht maker's shares closed higher than the offer price.
- The board's decision was split, with two directors dissenting.
Italian yacht maker Ferretti's board has determined that a revised takeover offer from Czech investment firm KKCG Maritime is neither fair nor reasonable for its independent shareholders. KKCG, which presently owns 14.5% of Ferretti, had raised its bid to 3.90 euros per share in an effort to increase its stake and influence board appointments. This offer was considered insufficient given that Ferretti shares closed at 4.10 euros on April 2, representing a significant increase since KKCG's initial January offer.
The board's assessment, made by a split decision, concluded that the approximately 203.3 million euro consideration was not congruous for independent shareholders. Directors Stefano Domenicali and Piero Ferrari dissented from the majority decision. KKCG Maritime had previously stated that its increased bid aimed to foster greater shareholder participation and support its strategic objective of taking a more active role in the company's development.
