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Lactalis looks to scoop up remaining Parmalat shares

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By Jim Cornall+

05-Jan-2017

Lactalis has launched a voluntary tender offer for the remaining shares of Parmalat.
Lactalis has launched a voluntary tender offer for the remaining shares of Parmalat.

The Lactalis Group has announced a voluntary tender offer for the remaining outstanding shares of its subsidiary Parmalat.

The Lactalis Group, which already owns 87.74% of Parmalat, a company listed on the Milan Stock Exchange, announced its decision to launch a voluntary tender offer for all of the outstanding ordinary shares of Parmalat at a price of €2.80 ($2.93) per share.

The offer, which is aimed at delisting Parmalat, is addressed to a total of 227,419,208 ordinary shares, representing 12.26% of the share capital of Parmalat at the date the press release was published.

The offer also includes the ordinary shares that may be issued, as well as those as may be issued in order to serve the exercise of the “2016-2020 Parmalat S.p.A. Common Share Warrants.”

The offer price of €2.80 per share, which has not been reached since 2011, represents a premium of more than 11% on the average official price over the last month and almost 15% on the last three-month average.

The offer has been made only in Italy as Parmalat is listed on the Milan Stock Exchange.

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