March 27 (Reuters) - Czech investment firm KKCG Maritime on Friday raised its voluntary offer to boost its stake in Italian yacht maker Ferretti to as much as 203.3 million euros ($234.55 million).
KKCG Maritime Increases Offer to Raise Stake in Italian Yacht Maker Ferretti
KKCG Maritime's Revised Bid and Strategic Intentions
Details of the Increased Offer
March 27 (Reuters) - Czech investment firm KKCG Maritime on Friday raised its voluntary offer to boost its stake in Italian yacht maker Ferretti to as much as 203.3 million euros ($234.55 million).
Valuation and Premiums
The revised offer of 3.90 euros per share values Ferretti at 1.32 billion euros and represents a 2.7% premium to its last closing price and a 35.1% premium to its price before the offer period began.
Targeted Share Acquisition
The investment firm is seeking to acquire up to 52.1 million shares in Ferretti, or about 15.4% of its share capital.
Strategic Rationale and Shareholder Response
Goals Behind the Increased Offer
The increased consideration aims to boost shareholder participation and support KKCG Maritime's strategy to take a more active role in the yacht maker's development, it said.
Board and Adviser Reactions
Ferretti had said earlier this month that an independent financial adviser deemed KKCG Maritime's initial offer of 182 million euros "not attractive", while the company's independent board committee recommended shareholders to reject the bid.
Future Offer Plans
KKCG Maritime, however, said it would not raise the offer further, in line with Hong Kong takeover rules.
Additional Information
($1 = 0.8668 euros)
(Reporting by Roshan Thomas in Bengaluru; Editing by Shilpi Majumdar)
