LONDON, April 7, 2016 /PRNewswire/ --
Elliott, the second largest shareholder of Ansaldo STS, holding an overall long position equal to 29.409% of its corporate capital, filed a request with the Regional Administrative Tribunal ("TAR") asking for the annulment of Consob Resolution No. 19507 dated February 3rd, 2016 (with regard to the offer price revision to EUR9.899) and a redetermination of the price of Ansaldo STS' shares for the purpose of the mandatory takeover offer.
Elliott's request is aimed at assessing that, as a consequence of the collusion already ascertained by Consob, the tender offer price has to be increased by a value which is much higher than the EUR 0.399 per share indicated in Consob's decision and is quantifiable in c. EUR 5.5 per share, which would translate into a revised offer price of c. EUR 15 per share.
The price of EUR 15 per share is based, inter alia, on Hitachi's recognition made in a presentation to its board of directors on December 10th, 2014 stating that if Finmeccanica's stake in Ansaldo STS was subjected to an auction process as a stand-alone transaction, the price would have been significantly higher implying "a discount of approximately EUR 550m in absolute terms on the Queen's [i.e. Ansaldo STS] Equity Value achievable by purchasing Bishop [i.e. Ansaldo Breda] as well" (see pages 18, 22, 28, 31, 32 and 35 of Consob's "Atto di Accertamento").
Elliott is confident that the Italian regulators and judiciary will protect the rights of minority shareholders in accordance with the law.
Elliott Associates, L.P. and Elliott International, L.P. together have approximately $27 billion of assets under management. Founded in 1977, Elliott is one of the oldest investment funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.