Trevi board says ICOP share-swap offer undervalues company
Reuters2026/09/10 16:44- ICOP launched an all-share exchange offer for Trevi Finanziaria Industriale, offering 0.133 new ICOP shares per Trevi share.
- The Trevi board judged the exchange ratio financially inadequate, citing advisor fairness opinions and valuation ranges well above 0.133.
- Offer value was framed at EUR 4.16 per Trevi share using ICOP’s reference price, with no cash component.
- Acceptance period runs Sept. 14 to Oct. 16, 2026, with settlement set for Oct. 23, 2026.
- Webuild has also flagged a competing all-cash bid at EUR 4.50 per Trevi share, adding uncertainty over outcomes.
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