Ferretti (9638 HK): KKCG's Partial Offer Update
Back on the 19th January, privately-held KKCG Maritime announced a partial offer for luxury yacht maker Ferretti SpA (9638 HK), seeking to lift its stake to 29.9% from 14.5%.
KKCG Maritime is offering HK$31.71/share for Ferretti, is a dual-primary listing (Hong Kong and Milan exchanges. Currently comfortably trading through the cash terms
The Offer Doc is now out. There is no IFA opinion present - that will be dispatched just prior to the Offer opening to acceptances. This may need a bump.
Ferretti is illiquid. Look away now if this is not your thing.
The Trade:
Trading full vs historical metrics and to closest peer Sanlorenzo (SL IM).
Look to enter closer to terms. Where possible. This may still get bumped.
It’s not clear what Shandong SASAC (37.5% holder) will do.
This insight is labelled bullish as I’m not bearish (long-term) here.
Keep reading with a 7-day free trial
Subscribe to Hong Kong/China M&A/Events to keep reading this post and get 7 days of free access to the full post archives.