Financial Wire

KKCG Maritime Says More Shares Tendered to Ferretti Stake Offer

-- KKCG Maritime said a further 13.5 million shares had been tendered to its offer to acquire Ferretti (HKG:9638) shares, bringing total acceptances to more than half its target, according to a Hong Kong bourse filing Tuesday.

The Czech investment group launched the offer in January to acquire up to 52.1 million Ferretti shares for 3.50 euros apiece as part of a plan to increase its stake in the Italian yacht maker from 14.5% to 29.9%.

The group's tender offer, which was later revised to 3.90 euros per share, does not have the Ferretti board's backing.

Following the latest acceptances, KKCG Maritime said a total of 29.6 million shares had been tendered to its offer, representing around 8.75% of Ferretti's shares and 57% of the maximum 52.1 million shares sought.

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