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Damiani Family’s Takeover Bid Successful

MILAN — The Damiani family is one step closer to the delisting of the namesake jewelry company from the Italian Stock Exchange.
On Friday, the family reached control of more than 95 percent of shares, surpassing the 90 percent threshold necessary to delist, and this will be followed by a “squeeze out” period.
As reported at the end of December, the Damiani family launched a takeover bid with the goal to delist the namesake firm through the holding company Leading Jewels.
D Holding Srl, a company controlled by siblings Guido, Giorgio and Silvia Damiani, had a 60.8 percent stake in Leading Jewels. The bid took place to buy more than 13.8 million shares, priced at 0.44 euros each, and representing 16.7 percent of the capital. The maximum value of the offer totaled 11.8 million euros, or 0.86 euros a share, a premium of around 5 percent compared with 0.81 euros, the price of the shares on Dec. 27, the last day before the announcement of the takeover bid. Damiani went public 11 years ago, with shares priced at 4 euros.
Asked for the reasons behind the delisting, president Guido Damiani told WWD his family wanted to “invest in the long-term and the markets expect immediate

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Via:: https://wwd.com/accessories-news/jewelry/damiani-familys-takeover-bid-successful-1203081161/