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Seat PG gets improved offer for tie-up with DMail
June 10, 2014 / 11:55 AM / 3 years ago

Seat PG gets improved offer for tie-up with DMail

MILAN (Reuters) - DMail, a small e-commerce and publishing company, said on Tuesday it had presented an improved binding offer for a possible tie-up with Italian yellow pages company Seat Pagine Gialle.

The debt-laden Seat Pagine Gialle first received a binding expression of interest from DMail on May 9.

In a statement on Tuesday DMail said Italian businessmen Antonio Percassi and Vittorio Farina, who own the company’s holding unit D.Holding, had submitted the improved offer to Seat PG.

The new offer raises the cash amount paid to unsecured creditors to 60 million euros ($81.7 million) from a previous 46 million euros, it said.

The offer also increased the number of DMail shares available for a share swap with Seat PG.

Shareholders in Seat PG gave the go ahead in March for a plan aimed at re-launching the company, allowing creditors to take control.

Reporting by Stephen Jewkes

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