EI Towers faces call from regulator to modify public offer for Rai Way
EI Towers, the listed transmission tower company controlled by Mediaset, has been asked by regulators to reformulate its public offer for listed Italian peer Rai Way, Italian language daily Il Sole 24 Ore reported. The report cited sources close to the dossier who said that the request had been made by Consob, Italy's securities regulator.
The item said that Consob wants the offer redrafted to take into account the fact that RAI, the state-owned broadcaster that controls Rai Way, is required by law to hold at least 51% of Rai Way. The report noted that at present EI Towers' public offer prospectus stipulates that the offer will only be successful if acquires 66.7% of Rai Way's stock.
The report noted that EI Towers has 10 days in which to respond. The item added that it is likely that EI Towers will have to change its public offer if it is to proceed with a bid.
Rai Way has a market cap of EUR 1.088bn.
Il Sole 24 Ore