April 2 (Reuters) - Italian yacht maker Ferretti said on Thursday its board considers a sweetened offer by Czech investment firm KKCG Maritime "not fair or reasonable" for independent shareholders.
Ferretti Board Calls KKCG Maritime’s Increased Buyout Offer Unfair
Ferretti Board's Response to KKCG Maritime's Buyout Offer
Background of the Buyout Offer
April 2 (Reuters) - Italian yacht maker Ferretti said on Thursday its board considers a sweetened offer by Czech investment firm KKCG Maritime "not fair or reasonable" for independent shareholders.
KKCG Maritime, which currently owns 14.5% of Ferretti, is seeking to double its stake and push for changes to a board appointed by the yacht maker's China-based controlling shareholder, Weichai.
Details of the Revised Offer
KKCG last week raised its offer to 3.90 euros per share from 3.50 euros, saying it would not increase the bid any further.
Ferretti shares closed at 4.10 euros on Thursday and have risen about 13% since KKCG launched the offer in January.
Board's Assessment and Internal Reactions
In a split decision, Ferretti's board said the revised consideration of about 203.3 million euros was "not congruous for the independent shareholders," and deemed the offer "not fair and not reasonable," according to the company's statement.
Directors Stefano Domenicali and Piero Ferrari dissented, while Chief Executive Alberto Galassi did not take part in the vote.
KKCG Maritime's Strategic Intentions
KKCG Maritime had said last week its increased bid aims to boost shareholder participation and support its strategy to take a more active role in the yacht maker's development.
Additional Information
($1 = 0.8665 euros)
(Reporting by Rajveer Singh Pardesi in Bengaluru; Editing by Leroy Leo)
