Italy's illimity shares rise further above Ifis' bid price
09/01/2025 15:24
** Shares in Italian digital bank illimity ILTY.MI gain as
much as 6.5%, building on Wednesday's 10.6% spike and rising
further above the price offered by Ifis Banca IF.MI in its
takeover bid for the rival specialty lender
** As of 1228 GMT, illimity trades at 3.99 euros a share, or
12.4% higher than the 3.55 euros at which Ifis' share-and-cash
offer values each illimity stock
** Intesa Sanpaolo analysts say the bid "came as a surprise,
but we recognise the industrial rationale in some business areas
where the companies are complementary".
** The speed at which the synergies can be achieved,
however, appears challenging, they add.
** Ifis has guided for a net income of the combined entity
of more than 250 million euros in 2027, with projected synergies
of 75 million euros achieved in full by then.
** It expects to book all integration costs in 2025 and
achieve roughly half of the synergies from the merger in 2026.
** Banca Akros upgrades Ifis to 'accumulate' from 'neutral'
and increases the target price to 25.1 euros by adding the
expected 2.2 euros per share which the deal is expected to
create thanks to cost savings and additional revenues.
** Ifis, which is up 2.1%, has offered to pay 1.414 euros in
cash and 0.1 newly issued share for every illimity share
tendered, valuing the rival at 298 million euros.
($1 = 0.9709 euros)
(Reporting by Michela Stasio; Editing by Valentina Za)