December 29, 2016 / 10:42 AM / 7 months ago

BRIEF-Best Union: top shareholders sign investment agreement with Bravo Capital for co's delisting

1 Min Read

Dec 29 (Reuters) - Best Union Company SpA (Best Union) :

* Said on Wednesday that shareholders Luca Montebugnoli, P4P International Srl, Girefin SpA had signed an investment agreement with Bravo Capital SA with the aim of delisting Best Union Company

* Luca Montebugnoli, P4P International, Girefin own 31.3 pct, 29.3 pct, and 14.7 pct stakes in Best Union, respectively

* Under the agreement, the shareholders will create a special purpose vehicle (newco), in which the members will transfer their stakes held in Best Union

* Bravo Capital will make a payment in cash as capital increase to the newco for up to 8.0 million euros ($8.36 million)

* If the transactions in the agreement are finalized, they will result in the launch of a mandatory tender offer by the newco via a bidco at the price of 3.0 euros per share

* Luca Montebugnoli will still be the reference shareholder and lead the company

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