Italy’s market regulator Consob has given the green light to the offer document for Tata Motors’ voluntary tender offer for the outstanding common shares of Iveco Group, moving the proposed acquisition of the commercial vehicle manufacturer into its next phase. The approval means Iveco shareholders will soon be able to decide whether to participate in Tata Motors’ offer. The acceptance period is scheduled to start on September 7 and run through October 26, unless the window is extended under the applicable rules.
\n\nThe offer is being made through TML CV Holdings, an indirect wholly owned subsidiary of Tata Motors. The consideration has been set at €14.10 per Iveco share on a cum-dividend basis, according to Tata Motors’ stock-exchange filing on Friday.
\n\nUnder the proposed schedule, shareholders of Iveco will have several weeks to tender their holdings, with the current acceptance period ending on October 26.
\n\nInvestors whose shares are successfully tendered during this period are expected to receive payment on October 30. This falls on the fourth trading day following the conclusion of the offer period.
\n\nHowever, the transaction could provide another opportunity for shareholders who do not participate during the initial window. Subject to applicable legal requirements, the acceptance…
Original source: https://www.timesnownews.com/business-economy
