Syngenta Crop Protection together with Valagro have confirmed that the two companies have submitted a non-binding expression of interest to the board of directors of SICIT Group, listed on the MTA, Star Segment, of BorsaItaliana.
“This expression of interest conveys our intention to submit an all-cash voluntary tender offer for its entire share capital at a price of EUR 17.30 per share which will not be reduced by the expected dividend of Eur 0.55/share, subject to limited confirmatory due diligence and approval by the Syngenta Group Board of Directors,” the statement reads.
“Our non-binding expression of interest is submitted on an open, transparent and friendly basis to SICIT Group and its key stakeholders. We believe that there is an enormous potential that a combination between Syngenta, Valagro and SICIT Group can offer to shareholders, clients, employees and stakeholders such as the tanneries in the Arzignano district in terms of value creation, return and stability regarding the continuation of the collection service arrangements in the district,” the statement continued.
SICIT Group has confirmed in its own communication the receipt of an expression of interest.
Syngenta and Valagro said they see the relationship with Intesa Holding as key to the success of the proposed transaction and the potential future achievements of SICIT Group. “Accordingly, our preference would be for Intesa Holding to remain as long-term shareholder and we are ready to discuss adequate structuring solutions towards that objective,” the statement said.
Syngenta and Valagro are putting together the offer and the necessary notifications under the Italian Financial Act.
