Vodafone launches buyout offer on Italy's Cobra at 1.49 euros
MILAN, June 16
MILAN, June 16 (Reuters) - Vodafone Global Enterprise will offer 1.49 euros a share to buy out shareholders in Cobra Automotive Technologies, in a deal valuing the Italian auto security systems group at around 145 million euros ($197 million).
Cobra's majority shareholder Intek Group said in a statement it had agreed to tender its 51.4 percent stake in Cobra for 74.3 million euros ($101 million).
Shares in Cobra closed on Friday at 0.987 euros each and the offer price represents a 50.9 percent premium compared to that level.
Vodafone Global Enterprises aims to gain control of at least 95 percent of Cobra's capital, Intek said.
Vodafone Global Enterprise is part of the Vodafone Group and specialises in global communications services for multinational companies. ($1 = 0.7345 Euros) (Reporting by Valentina Za, editing by Louise Heavens)