Tata Motors Gets Italy Regulator Nod For Iveco Takeover Offer, Tender Window Opens September 7
Italy’s market regulator Consob has approved the offer document for Tata Motors’ voluntary tender offer to acquire all common shares of commercial vehicle manufacturer Iveco Group, allowing the acceptance process to begin from September 7. The offer is being made through TML CV Holdings, an indirect wholly owned subsidiary of Tata Motors. The company has offered €14.10 per Iveco share on a…
Italy's market regulator Consob has given Tata Motors the green light to proceed with its tender offer for IVECO Group shares, paving the way for the acceptance process to commence on September 7. Tata Motors, through its wholly owned subsidiary TML CV Holdings, has proposed a price of €14.10 per Iveco share, inclusive of dividends, on a tender offer document.
Shareholders have until October 26 to submit their shares for the tender, with payment expected on October 30, five days after the offer's closure. The acceptance window could be extended by five additional trading days from November 2 to November 6, with payments scheduled for November 13. The acquisition could bolster Tata Motors' global presence in the commercial vehicle sector, contingent on shareholder approval and meeting necessary conditions.
The tender offer is set to expand to U.S. shareholders in line with respective securities laws, excluding countries like Canada, Japan, Australia, and others needing extra regulatory clearances.
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