The board of directors of Ducati Motor Holding S.p.A. met today to evaluate the terns and conditions of the acquisition offer made last month by Ducati shareholders Investindustrial, BS Investimenti and Hospitals of Ontario Pension Plan (HOPP).
The Ducati board of directors voted to send the formalized offer to CONSOB — Italy's official body for regulating and supervising companies and stock exchanges — and intend to make the offer public in accordance with terms and conditions provided for by law.
The three shareholder organizations intend to make the purchase via an investment vehicle called Performance Motorcycles S.p.A.
Private equity firm Investindustrial owns 15.6 percent of Ducati Motor Holding, SpA; Canadian pension fund HOPP owns 7.4 percent; and BS Investimenti holds about 7 percent. The three announced in March a plan to launch a €390.8 million ($579 million) bid to purchase the 70 percent of the motorcycle manufacturer they don't already own. They plan to fund about 50 percent of the bid, with the remainder financed by bank Intesa Sanpaolo SpA.
Mediobanca S.p.A. is serving as Ducati's financial advisor in the matter.