Ferretti, the Board rejects the KKCG tender offer: why the group invites shareholders not to tender

 

 

The discussion regarding the future ownership structure of Ferretti Group is entering a more explicit phase. With three communications released late yesterday evening, the group announced that its Board of Directors has approved the Response Document relating to the voluntary partial public tender offer promoted by KKCG Maritime, the vehicle of the group controlled by Czech entrepreneur Karel Komárek.

The document, required under tender offer regulations and published pursuant to Article 103 of the Italian Consolidated Finance Act and the Hong Kong Takeovers Code, sets out the company’s official position on the transaction.

The assessment expressed by the board is clear: the offer is not considered adequate from a financial standpoint and is not regarded as fair or reasonable for independent shareholders.

The Board of Directors of Ferretti met on March 12, 2026, approving the Response Document with the abstention of Piero Ferrari and Chief Executive Officer Alberto Galassi, while Stefano Domenicali was recorded as excused absent.

The board shared the evaluations expressed both by the Independent Board Committee and by the independent financial advisor Altus Capital, which analysed the terms of the transaction.

The conclusion was a recommendation to independent shareholders not to tender their shares to the offer.

The tender offer launched by KKCG Maritime concerns up to 52,132,861 shares, equal to 15.4% of Ferretti’s share capital, with a consideration of €3.50 per share (cum dividend).

According to the analyses reported in the Response Document, several elements led the Board to consider the offer not adequate.

Among the main points highlighted: the offered price is lower than the market price recorded in the most recent trading sessions; the implied valuation does not appear aligned with the multiples of comparable companies; the transaction would allow the bidder to significantly strengthen its presence without offering shareholders a full exit from the capital.

The independent advisor also underlined that the offer, while providing a certain price certainty for part of the shares, would leave investors with a residual stake exposed to possible effects of reduced liquidity and price volatility.

A further element of evaluation concerns the possible evolution of the group’s governance.

The Response Document notes that, if the offer were successful, the bidder could reach a participation capable of exercising significant influence over the strategic direction of the company, without launching a full takeover offer.

Added to this is the fact that, at the time of publication of the document, neither KKCG nor the controlling shareholder had yet disclosed the candidates for the renewal of the board of directors, thus generating a certain degree of uncertainty regarding the future governance structure.

According to the timetable indicated in the document: the offer period opens on March 16, 2026; the closing is scheduled for April 13, 2026, unless extended; payment of the consideration is indicated by April 20, 2026.

This is therefore a process that will unfold in the coming weeks and could have relevant consequences for the company’s ownership balances.

In its evaluations, the Board also underlined that the group shows operating and financial results considered solid and positive medium-to-long term prospects, supported by the performance of the high-end yacht market.

The Board’s position does not naturally close the discussion on the future ownership structure of the group.

The tender offer launched by KKCG represents one of the steps in a phase in which Ferretti’s capital is attracting the interest of several international investors and in which the balances between the main shareholders could evolve in the coming months.

In this context, the outcome of the offer and the dynamics that will develop among the main shareholders will be decisive elements in understanding which governance will emerge in the next phase of the group’s industrial history.

At the time of publication, the stock on the Hong Kong Stock Exchange is showing a jump of +7.56%.

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