Italy's Sorin shareholders agree pact that could lead to bid
MILAN, Oct 12 (Reuters) - A group of shareholders of Italian medical equipment company Sorin SpA (SORN.MI) have reached an agreement which could lead to a bid for the company at 0.7567 euros per share.
In a joint statement on Monday, Mittel SpA MITI.MI, Equinox Two ScA, Hopa SpA, MPS Investments SpA (BMPS.MI) and Unipol Gruppo Finanziario (UNPI.MI) said the agreement needs the approval of competition regulators, especially in Spain, before Dec. 1 2009.
If the condition is met, Mittel, Equinox and Hopa will launch a bid on outstanding shares in Sorin through a vehicle company that will be called BH Holding SpA, they said.
The shareholders involved in the agreement currently own about 37.85 percent of Sorin capital.
The bid on the outstanding 62.15 percent of capital will be carried out for a cash consideration of 0.7567 euros per share for an overall outlay of 230.264 million euros, they said.
That amount will be covered by 105 million euros from BH Holding shareholders with the rest being met by a bank loan from MPS, UGF Banca, UGF Merchant and Banco Popolare (BAPO.MI), they said. (Reporting by Stephen Jewkes; editing by Carol Bishopric)
