ITALY: Lactalis Raises Buyout Bid For Parmalat

Lactalis has raised its offer price to complete the buyout of Parmalat, which it already controls.

The French group has a 87.74% stake in the local dairy giant, and in December had unveiled a €2.80-per-share voluntary tender offer to acquire the remaining stake. At the time, Lactalis noted that the price had not been reached since 2011 and was a 15% premium to the average price over the previous three months.

Lactalis has now raised its offer price to €3.00 per share, while also extending the buyout deadline to 21 March 2017, in the hopes of attracting those investors still holding out. It plans to delist Parmalat once it gains full control.