Lagfin purchases 30 million Campari withdrawn shares in the Initial Offer

Lagfin purchases 30 million Campari withdrawn shares in the Initial Offer

GLOBAL Financial

Milan, 21st June 2020 - The press release disseminated by Lagfin S.C.A., Sesto San Giovanni Branch on 21st June 2020, is provided below.


Luxembourg/Sesto San Giovanni 21st June 2020 – Further to yesterday’s press release, Lagfin S.C.A., Sesto  San  Giovanni  Branch  (Lagfin),  the  majority  shareholder  of  Davide  Campari-Milano  S.p.A. (Campari or Issuer) announces that it has exercised its option and pre-emptive rights so as to purchase no. 30 million Campari withdrawn shares in the framework of the Initial Offer (as defined in Campari’s press release of 21st May 2020). 

Considering  that  the  number  of  withdrawn  shares  was  originally  equal  to  ca.  46  million  and  that shareholders representing more than 8.2 million shares have expressed their decision  to revoke their withdrawals, the number of withdrawn shares to be possibly liquidated by the Issuer is expected to be ca. 8 million (or lower in case additional withdrawn shares are purchased in the context of the Initial Offer). 

Based on the difference between the withdrawal price and the market price as of the last trading day (Friday, 19 June 2020) - Euro 8.376 and Euro 7.712, respectively -, the cost associated to the liquidation by the Issuer of no. 8 million withdrawn shares (i.e. ca. Euro 5.3 million at the market conditions of last trading day)  is  expected  to  be  significantly  lower  than  the  cost  deemed  tolerable  as  per  Campari  board’s recommendations of 19th March 2020 and 21st May 2020 (ca. Euro 7/8 million).

In light of the fact that the condition relating to the withdrawals is expected to be met and all other conditions of Redomiciliation can be reasonably assumed to have been satisfied, Lagfin expects that the Redomiciliation of Campari to The Netherlands can therefore be completed.

Lagfin confirms its strong long-term commitment to Campari and informs that - in addition to the no. 30 million withdrawn shares to be purchased in the framework of the Initial Offer - it will also purchase additional no. 1.7 million shares at the price of Euro 8 per share from certain shareholders that have revoked their withdrawals  (such shares to be purchased on the basis of a bilateral agreement and outside the transaction launched by Lagfin on 17th June 2020).