The majority investor in Italian tomato products firm La Doria S.p.A. is in negotiations with private equity firm Investindustrial over the sale of its controlling stake in the business.
In a statement, the board of directors of La Doria said that the 63% stake in the business, which is owned by the Ferraioli family, will be sold at €16.50 per share, under the terms of the agreement.
Involvement In Management
It added that a number of the selling shareholders will continue to be involved in the company's management, once the transaction is completed.
Investindustrial has been granted a period of exclusivity until 20 October, the date by which it is expected that the binding agreements relating to the transaction will be signed.
Once this is completed, La Doria said that it will 'promptly inform the market on the progress of the negotiations'.
The shareholders of La Doria have appointed Vitale & Co as financial advisor, Studio Giliberti Triscornia & Associati as legal advisor and Ernst & Young as advisor for the financial vendor due diligence activity.
La Doria's share price jumped late last week as news broke that the controlling shareholders in the business were exploring options regarding their stake.
'Part Of Our Development Strategy'
"I trust that the agreements with Investindustrial can be closed within the period of exclusivity and in any case within a short timeframe," commented Antonio Ferraioli, La Doria chairman.
"In fact, the transaction would provide a great opportunity for the company and its employees to embark on a new phase focused on further growth. Over the last 40 years, La Doria has grown strongly and continuously, becoming a European leader on its markets. The hoped-for entry of Investindustrial is part of our development strategy and would allow the company to further expand its range of operations to become a platform for mergers within its sector."
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