Key Investor Pushes For Campari's Netherlands Move After Buying Withdrawn Shares
Campari's controlling shareholder believes that the spirits group's planned move of its registered office to the Netherlands will succeed, saying that it is supporting the move by buying shares from investors who have exercised withdrawal rights.
The Aperol maker announced in February that it was planning to move its registered office to Amsterdam and introduce an enhanced loyalty share scheme, a move aimed at increasing M&A opportunities.
Shareholders who opposed the change of domicile plan could exercise withdrawal rights.
In March, after Campari's shares fell well below the withdrawal price of €8.376 per share, Campari's board that said a tolerable cost to liquidate those shares would be approximately €7 million to €8 million.
Lagfin, Campari's key shareholder, said late on Sunday June 21 that it has bought 30 million withdrawn shares, thus reducing Campari's liquidation costs to below the level deemed tolerable by its board.
The investor added that it will purchase an additional 1.7 million shares at the price of €8 per share and estimated that the cost to Campari will now be approximately €5.3 million.
"Lagfin expects that the redomiciliation of Campari to the Netherlands can therefore be completed," the holding company of the Garavoglia family said.
Campari shareholders approved the redomiciliation plan at a meeting in March, subject to several conditions. They are due to vote again on the move on June 26.