Italy's Segre family is launching a EUR 1.9 per share compulsory bid for real estate company IPI after building up a 75.8% stake in the company last week. The offer is being launched through the family's vehicle IPI Domani.
Italy's Segre family is launching a EUR 1.9 per share compulsory bid for real estate company IPI after building up a 75.8% stake in the company last week. The offer is being launched through the family's vehicle IPI Domani.
Last Tuesday the Italian family bought around 36 million shares, or about 50.7% of IPI, from Banca Intermobiliare. Shortly afterwards, the family's 60%-controlled Mimose vehicle purchased a further 25% stake, or close to 18 million shares in IPI, and said it will transfer the stake to the IPI Domani vehicle in 20 days.
Having built up a 75.8% stake in IPI, the Italian family is now forced by Italian law to launch a compulsory offer on IPI shares not in its possession.
Based in Turin, IPI came in the spotlight two years ago when its chairman and CEO, Danilo Coppola was arrested for suspected money laundering and embezzlement in relation to a bankruptcy case. IPI stated at the time that it wasn't aware of the alleged crimes. Previously controlled by peer Risanamento, in January 2005 IPI's controlling interest was sold to Coppola's group for about EUR 185 mln, with Risanamento retaining a 9.88% stake.
