Tata Motors reaches 89.42% in Iveco tender offer
Tata Motors has crossed the minimum acceptance threshold for its takeover of Iveco Group, with provisional tender results giving its acquisition vehicle an 89.42% holding in the Italian commercial vehicle manufacturer, excluding treasury shares. The results, announced by Iveco on Monday and disclosed by Tata Motors on Tuesday, show that shareholders tendered 238,157,212 shares before the offer…
Tata Motors has secured an 89.42% stake in Iveco Group in a tender offer, according to provisional results announced on Monday. Before the offer closed on October 26th, shareholders submitted 238,157,212 shares, representing 87.81% of the total common share capital. The 89.42% figure excludes 4,868,597 treasury shares held by Iveco.
The acquisition price of €14.40 per share valued the 238.16 million tendered shares at around €3.43 billion. The overall offer was valued at approximately €3.9 billion, making it Tata Motors' largest overseas acquisition since its purchase of Jaguar Land Rover in 2008. The acceptance threshold originally set at 95% was lowered to 80% after a resolution by Iveco shareholders on October 16th, which allowed the transaction to proceed with a significant portion of shareholder support.
The final ownership structure will depend on the number of additional shareholders accepting the offer during a subsequent tender period, scheduled for November 2nd to 6th.
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