Be's shares jump on sale of 43.21% stake to Engineering

Tamburi Investment Partners

14/02/2022 12:05

** Shares in Italy's BE  BESTE.MI  rise as much as 27.5%
after the group's shareholders signed on Friday a letter of
intent to sell 43.21% of the consulting firm to Engineering
    ** Engineering will buy Be shares owned by Be's top
shareholder Tamburi Investment Partners (TIP)  TIP.MI  and the
Achermann family through a special purpose vehicle at a price of
3.45 eur/shr, TIP said in a statement on Friday  urn:newsml:reuters.com:*:nFWN2UM1FW
    ** It added the transaction would mandate Engineering to
launch a takeover bid on Be to delist the group
    ** Be said on Saturday it will call a board meeting on Feb.
15 to assess Engineering's request to perform due diligence on
the group and its units  urn:newsml:reuters.com:*:nFWN2UM1G3
    ** The price agreed is "appealing", Intesa Sanpaolo's
analysts say in a note, adding it is around 30% above Friday's
closing price and analysts' current target price
    ** Equita says the offer price is more than 10% above the
broker's fundamental valuation of BE at 3.1ps
    ** It cuts Be to "hold" and aligns the target price to the
offer, saying it "does not see any particular risks on the
conditions precedent and the finalisation of the transaction" 
    ** By 1145 shares rise 25.6% at 3.34 eur/shr, close to the
offer price
    ** The stock in on track for its best day since 2008

 (Reporting by Federica Urso)
 ((Federica.urso@tr.com))