The Agnelli family’s investment holding company, Exor NV (EXOR.MI), said on Tuesday it now has a 92.03% stake in GEDI Gruppo Editoriale S.p.A. (GEDI.MI) following a mandatory tender offer for the remaining shares of the Italian publisher.
Shareholders of GEDI will be paid 0.46 euro per share on July 6, 2020, Exor said in a statement with preliminary results of the mandatory offer that ended on Tuesday. GEDI shares would be delisted following the deal.
Exor in December had agreed to buy a 43.78% controlling stake in GEDI, which publishes prominent Italian daily newspapers La Repubblica and La Stampa, from the De Benedetti family’s holding company CIR CIRI.MI for 102.4 million euros ($115.03 million) at 0.46 euro per share.
The company, which had pledged to bid for the publisher’s remaining shares at the same price through its vehicle Giano Holding S.p.A, increased its stake to above 60% before the mandatory offer commenced.
Exor, which is the controlling shareholder in Fiat Chrysler (FCHA.MI) and Ferrari (RACE.MI), also owns 43.4% of the Economist Group.
The company said it plans to apply its experience in the media sector to help GEDI grow, and speed up the publisher’s technological and structural transformation.