MILAN (Reuters) - French-owned Monte Bianco said on Tuesday it had launched a 30.5 million euro ($39.6 million) takeover bid for Italian broadcasting equipment maker Screen Service Broadcasting Technologies SSB.MI.
In a filing to the Milan stock exchange, Monte Bianco said the bid had not been communicated previously to any of the Italian firm’s shareholders, including fund manager Opera SGR, which holds a stake of about 30 percent.
The bid of 0.220 euros per share offers a 35 percent premium to Monday’s closing price and comes at a time when Screen Service shares have been trading at their lowest level since listing two years ago.
Shares in Screen Service, which briefly topped the bid price in early deals, were up 33.3 percent at 0.217 euros by 0750 GMT.
Monte Bianco, controlled by French investment company HLD, said it already owned 1.24 percent of Screen service.
($1 = 0.7711 euros)
Reporting by Danilo Masoni and Stephen Jewkes; Editing by Mark Potter