US private equity groups Davidson Kempner Capital Management and Capstone Equities Manager have announced plans to launch a public volontary offer for 60% of the units in the listed Delta Immobiliare closed-end fund managed by Italy's Idea Fimit.
The counterbid for the 1.2 million fund units is to be launched by Navona Value Opportunity, which is advised and managed by Davidson Kempner and Capstone Equities, at a price of €56.70 per unit.
The announcement follows the launch of a slightly lower bid for the Delta fund made in May of this year by GSF Eagle Opportunity, a division of US hedge fund York Capital Management Global Advisors.
The Navona Value Opportunity offer reflects a 17% premium to the fund units' price at end-May and is 5% higher than the GSF Eagle offer. The bid is conditional upon tendering at least 30% of the fund units.
Delta Immobiliare was set up in February 2006 with a life term of eight years. The vehicle is currently in liquidation after having extended its life by three years from year-end 2014 to year-end 2017. It owns a total of three hotel properties in Sardinia, Sicily and central Italy, according to its website.
