PF Holdings launches tender offer for Italy's Pininfarina shares
PF Holdings launches tender offer for Italy's Pininfarina shares Sept 16 (Reuters) - Italian design group Pininfarina PNNI.MI said on Wednesday that PF Holdings, a Dutch special purpose entity owned by India's Tech Mahindra TEML.NS and Mahindra & Mahindra MAHM.NS, has launched a voluntary tender offer for the company's shares.
Here are some additional details:
PF Holdings will pay 1 euro per share in cash for each share tendered, Pininfarina said.
PF Holdings, which already owns 78.8% of Pininfarina, launched a tender offer for up to 16.7 million shares, representing 21.2% of the Italian design group's shares, the company added.
The offer represents an about 18% premium to Pininfarina's last close, according to Reuters calculations.
The company said that the offer is aimed at delisting Pininfarina from Euronext Milan.
(Reporting by Nethra Sailesh in Bengaluru; Editing by Tasim Zahid)
((Nethra.Sailesh@thomsonreuters.com))
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