March 19, 2018 / 7:22 AM / 4 months ago

BRIEF-Class Editori: Pim To Own 28% In Exchange For Its 67.5% Stake In Gambero Rosso In Capital Increase Transaction

March 19 (Reuters) - Class Editori SpA:

* ANNOUNCED ON FRIDAY IT HAS DECIDED TO ACCEPT BINDING OFFER FROM PIM SPA, CONTROLLING SHAREHOLDER OF GAMBERO ROSSO SPA, FOR TRANSFER OF CONTROLLING INTEREST (67.48%) IN GAMBERO ROSSO TO CLASS EDITORI FROM PIM

* TRANSACTION WILL BE REALIZED VIA CAPITAL INCREASE OF CLASS EDITORI RESERVED TO PIM AND SIGNED WITH CONTRIBUTION OF 9.75 MILLION SHARES OF GAMBERO ROSSO

* VALUATION OF CLASS EDITORI IS DETERMINED AT EUR 38.71 MILLION AND VALUATION OF GAMBERO ROSSO IS DETERMINED AT EUR 22.31 MILLION

* VALUE OF STAKE OWNED BY PIM IN GAMBERO ROSSO IS EUR 15.05 MLN

* FOLLOWING THIS TRANSACTION CLASS EDITORI WILL BE OBLIGED TO LAUNCH PUBLIC EXCHANGE OFFER TO OTHER SHAREHOLDERS OF GAMBERO ROSSO TO PURCHASE REMAINING SHARES (32.52% OF SHARE CAPITAL) AT THE SAME TERMS AND CONDITIONS AS TRANSACTION WITH PIM

* FOLLOWING CAPITAL INCREASE PIM WILL HOLD 27.96% OF CLASS EDITORI

Source text for Eikon:;

Further company coverage: (Gdynia Newsroom)

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