MILAN – Mediaset moves on the towers that transmit the television signal of RAI and launch a public tender offer and exchange (Opas) to win 100% of Rai Way, through its subsidiary Ei Towers, a turn the company that owns television antennas of Cologno Monzese. The company which belongs to the Berlusconi family is ready to put on the plate over 1.2 billion euro, but the government sets a limit to the ambitions of the former Knight remembering that since the privatization of the company has decided to hold the public 51% of the television towers.
The company Galaxy Berlusconi has come out into the open by asking “a full industrial integration of Ei Towers with Rai Way”, which is 65% controlled by Rai, in turn, in the hands of the Treasury. For this reason the offer is intended to revoke the shares of the latter from the price list of the Milan Stock (where Rai Way was recently listed), or the purchase of a stake which represents 66.67% of the capital Social. This last point was nullifying: in the introduction of the decree of privatization of Rai Way, dated September 2014, the government wrote to consider “the need to maintain, to the state, in the hands of Rai, to guarantee the continuity of the service provided Rai Way Rai same, a share (…) not less than 51%. ”
Engraved that brought the Democratic Party MP, and Secretary of the Supervisory Commission, Michele Anzaldi to define the offer of Mediaset “incomprehensible”, while part of the welter of political reactions . The government, with the markets closed, drew just the text of the law in a note of Mise, which states: “The public offer for Rai Way confirms the appreciation from the market of the choice made at the time by the Government of value to society of the towers of Rai making out immobility in which he was confined. The IPO has proved a success. The government, however, points out that, even given the strategic importance of the network infrastructure, a decree of the Prime of Ministers of September 2, 2014 has decided to keep in the hands of a share in the capital of Rai Rai Way is not less than 51 percent. ” Words that for the moment seem to stop the private interest under the majority threshold.
The history.
The offer came just a few days away from the maneuvers of Fininvest, the holding company of Arcore, on the same Mediaset and Mondadori on RCS Books: the Berlusconi family sold a major package of television, while remaining in control of over 30%, and making cash for just under 400 million euro. On the editorial front, the house of Segrate submitted an offer to take over the division of Rizzoli for 135 million euro. Markets, the news today reverberates with a race to the top of Rai Way (estimated 4.5 euro per share). Towers and rooms with Mediaset.
As for the details tencici, Ei Towers (which sees between shareholders Mediaset to 40%, then BlackRock to about 10%) announced the tender offer and exchange on the 100 % of Rai Way. The latter is controlled as to 65% by Rai said, for the remainder of its capital is on the market.
The offer, launched at 4.50 euro per share, assesses the transmission company RAI approximately 1.22 billion Euros. The transaction involves the payment of a cash component amounting to EUR 3.13, and an equity component, consisting of 0.03 ordinary shares Ei Towers newly issued (currently the rating is over 48 euro). The fee includes a premium of 22% compared to the reference price of the ordinary shares Rai Way of February 23 and a premium of 52.7% compared to the price of the company’s debut on the stock exchange, which took place on November 19th at a price of 2, 95 euro. The total value of the offer, in the event of full membership, will be 1,225,332,800 Euros. The slice of RAI, if passed to the collection, would be roughly 790 million.
To complete the operation, the Board of Directors of Mediaset has given the green light to the conditions of the offer “for build an aggregation of national infrastructure telecast. ” Mediaset therefore will vote in favor of a proposal for a capital increase in the assembly of Ei Towers scheduled March 27. “The payment of the cash component” precise Ei Towers “is fully guaranteed by a leading international bank which will grant a loan to the vendor to meet the payment thereof.”
In explaining the reasons of ‘operation Ei Towers talks about the “creation of a single operator of the towers broadcasting” to “remedy the current situation of inefficient infrastructure multiplication due to the presence of two major players in the national territory.” The company of the towers of the Mediaset group ensures that in any case “will continue to ensure access to the infrastructure in all television operators.” There are three conditions to be met to conclude the deal: RAI must obviously accept and, apparently, a board of directors should meet tomorrow in Milan to discuss the offer, although officially the board is the reorganization of Viale Mazzini . The Antitrust (which confirmed that it had received notification of the transaction and will consider whether narrowly competition) must then give the green light. Expected a step even by Mise, which must authorize the Rai to continue to work with the new company, whil e Ei Towers ensures collaboration to fulfill the public service. The company Mediaset, which advocates the conclusura the deal by next summer, “will open more and more its infrastructure, prospective operators of TLC.”
And here come into play other games that The Alfa is playing, such as with Telefonica, which acquired a 10% stake in Mediaset Premium. On transmission towers are on the other hand by moving all operators, on the one hand that Telecom is to create a company which will give its network, and also the Wind, which has decided to sell its network of more than 6 thousand towers Abertis.
No comments:
Post a Comment