RCS receives all-share public offer from Cairo Communications
Cairo Communications has launched an all-share public offer on 100% of RCS, the Italian media group, according to a Cairo press release. Cairo is offering 0.12 of its shares for one RCS share. This vales RCS' shares at EUR 0.551.
Cairo is aiming for at least a minimum 50% plus-one-share stake in RCS.
RCS would remain listed after the operation. In the case of Cairo taking over 90% of RCS, the group would take steps to reconstitute RCS' float.
Cairo noted that the offer would create a major multi-media group, speed up RCS' restructuring process and significantly reduce RCS' debt.
Equita Sim and Banca IMI are acting as Cairo's financial advisors while BonelliErede is acting as its legal advisor.
A report in Il Sole 24 Ore noted that RCS shares were trading at EUR 0.445 a share yesterday 8 April
RCS has a market cap of EUR 237m.