Financial Wire

KKCG Maritime's Ferretti Stake Bid Ends Below Target

-- KKCG Maritime said 29.6 million shares had been tendered to its offer to acquire Ferretti (HKG:9638) shares by the closing period, below its target of up to 52.1 million, according to a Hong Kong bourse filing Wednesday.

The Czech investment group launched the offer in January to acquire the shares for 3.50 euros apiece as part of a bid 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, did not have the Ferretti board's backing.

The firm said it will buy all the shares for 115.9 million euros, bumping its stake by around 8.75% to 23.25%.

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