Ferretti Group: KKCG raises its bid, OPA moves from €3.50 to €3.90

The increase in the consideration of the takeover bid launched by KKCG on Ferretti primarily represents an acknowledgement: in its initial phase, the market did not consider the €3.50 per share offer adequate.

The new price, set at €3.90, introduces a limited premium compared to recent market prices (+2.7% versus the closing price on 25 March), but a more significant one compared to pre-announcement levels (+35.1%). This adjustment falls within an intermediate range: sufficient to make the offer more competitive, but not enough to represent a decisive shift capable of fundamentally changing shareholder behaviour.

The key point remains what already emerged in the early days of the offer: a limited response from the market.

KKCG clearly states the objective of the transaction: to strengthen its position in Ferretti and increase its representation on the board of directors. This is therefore not a full takeover bid, but a targeted operation with a more strategic than financial rationale. In this context, the success of the offer depends not only on price, but also on shareholders’ willingness to alter governance balances.

The explicit statement by the bidder that no further increases will be made introduces an element of rigidity into the process. The €3.90 price therefore becomes the final equilibrium point: shareholders who tender will do so on this basis, without expectations of further revisions.

From a market perspective, the message is twofold. On one hand, KKCG demonstrates determination to pursue the transaction, adjusting the price to improve the likelihood of acceptance. On the other, the limited increase suggests that the bidder does not intend to enter an aggressive price competition, maintaining a disciplined investment approach.

A broader issue remains open, concerning Ferretti’s positioning on the stock market. In such cases, the gap between market price and industrial valuations can make it more complex to define a consideration capable of attracting significant acceptances.

In this sense, KKCG’s revised offer can be interpreted as a test of the group’s actual contestability. If the offer continues to receive limited acceptances, it would further highlight the solidity of the current shareholder structure and the difficulty of influencing governance without a more substantial price adjustment.

Conversely, an increase in acceptances in the coming weeks would indicate that part of the market considers €3.90 an acceptable exit level, particularly in a context where the stock has not yet shown full convergence between market price and perceived value.

The next phase will therefore be decisive: not so much for the quantitative outcome of the bid, but for the signal it will send regarding the perception of Ferretti’s value and its openness to more contestable market dynamics.

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