Shares in Cobra fail to open after Vodafone offer
MILAN, June 16
MILAN, June 16 (Reuters) - Shares in Italy's Cobra failed to start trading on Monday after Vodafone Global Enterprise said it would offer 1.49 euros a share to buy a majority stake in the Italian auto security system group.
At 0710 GMT shares in Cobra were indicated at 1.4750 euros with a theoretical rise of 49 percent.
Cobra's majority shareholder Intek Group said it had agreed to tender its 51.4 percent stake in Cobra for 74.3 million euros.
Shares in Intek were indicated at 0.46 euros with a theoretical increase of 11 percent.
(Reporting by Francesca Landini, editing by Danilo Masoni)