February 14, 2017 / 10:33 AM / a year ago

BRIEF-BF Holding/Bonifiche Ferraresi sign reorganization agreement with Cassa Depositi e Prestiti

Feb 14 (Reuters) - Bonifiche Ferraresi SpA:

* Said on Monday that it finalised an agreement with BF Holding SpA and Cassa Depositi e Prestiti via its unit Cdp Equity SpA for an industrial plan and the reorganization of the group BF Holding/Bonifiche Ferraresi

* The agreement envisages a rights issue of 10.0 million euros ($10.62 million) at the price of 2.4 euros per share

* BF Holding to issue a convertible bond for 50.0 million euros reserved to Cdp Equity

* BF Holding to launch a stock and cash tender offer on the whole share capital of Bonifiche Ferraresi

* Exchange ratio is set at 10 new shares of BF Holding and 1.05 euros for each tendered share

* The tender offer is subject to the condition that BF Holding reaches more than 90 pct in the share capital of Bonifiche Ferraresi

* The takeover bid is aimed at the delisting of Bonifiche Ferraresi and following listing of BF Holding

* Bonifiche Ferraresi does not expect to distribute any dividend on FY 2016

* If the tender offer is not successful, there is an alternative plan of reorganization which envisages a merger between BF Holding and Bonifiche Ferraresi

* The reorganization plan aims at the expansion of BF Holding/Bonifiche Ferraresi to activities that can be integrated with and complementary to agriculture, verticalization of commodity chains and expansion of production to diversify products

Source text for Eikon: www.1info.it

Further company coverage: ($1 = 0.9417 euros) (Gdynia Newsroom)

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