Schema Alfa

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The Offeror is Schema Alfa S.p.A., a joint stock company (società per azioni) whose corporate capital is entirely held by Schemaquarantadue S.p.A., a joint stock company (società per azioni) incorporated under the laws of Italy controlled by Sintonia S.p.A. (wholly owned by Edizione S.p.A.), the share capital of which is held for 65% by Sintonia S.p.A. and, for the remaining 35%, by entities which belong to the group of funds represented or managed by affiliates of Blackstone Infrastructure Partners L.P. (“BIP”).  

 

Edizione S.p.A. is an active investor, combining an entrepreneurial approach with financial discipline, with a long-term view, supporting its portfolio strategically and financially to improve its competitive positioning and returns.

 

BIP is an active investor across the energy transition, transportation, digital infrastructure and water and waste infrastructure sectors, seeking to apply a long-term buy-and-hold strategy on large-scale infrastructure assets, with a focus on achieving long-term capital appreciation alongside predictable annual cash flows. The investment mandate focuses on responsible stewardship and stakeholder engagement to create value for its investors and the communities BIP serves. 

 

For more information, please refer to the Offer Document.

Schema Alfa S.p.A. has launched a voluntary public tender offer for each and every ordinary shares of Atlantia S.p.A (“Atlantia”) (excluding the 273,341,000 Shares held by Sintonia (which represent 33.10% of the ordinary shares issued by Atlantia)) in order to delist Atlantia’s ordinary shares from Euronext Milan (the “Delisting”).

 

The Offer is subject to the satisfaction or waiver of certain conditions precedent.  In summary, these conditions include (amongst others):

 

  • obtaining a number of acceptances of the Offer that enables the Offeror to hold an aggregate shareholding greater than 90% in Atlantia’s share capital (taking into account the shares held by persons acting in concert and any other shares acquired by the Offeror or persons acting in concert outside of the Offer in accordance with the applicable laws and regulations);
  • obtaining, by the second trading day prior to the Payment Date, all authorizations, approvals or clearances that may be required by any competent authority under applicable laws for the completion of the Offer and/or the achievement of the objectives of the Offer, without the imposition of any conditions, constraints or other corrective measures and/or remedies; and
  • the non-occurrence, by the second trading day prior to the Payment Date, of events or circumstances not known to the Offeror and/or the market potentially having a substantially negative effects on the Offer and/or Issuer’s group.

For a full list of all the conditions that the Offer is subject to, please refer to the Offer Document.

Subject to the conditions of the Offer being satisfied or waived, the Offeror will pay consideration equal to Euro 23.00 for each Share tendered to the Offer (the “Consideration”).

 

For more information, please refer to the Offer Document.

The Offer’s rationale is to pursue the acquisition of all of Atlantia’s outstanding shares and, as a result, achieve the Delisting.

 

In any event, whether the Delisting is achieved or not, the Offeror reserves the right to consider in the future, at its own discretion, the implementation of any further extraordinary operations and/or corporate and business reorganization that may be considered appropriate, in line with the objectives and rationale of the Offer, as well as with the objectives of strengthening Atlantia.

 

Following the completion of the Offer, the Offeror intends to fully support Atlantia’s long-term investment strategy and sustainable growth of Atlantia by continuing to implement the strategy already announced to the market by the Issuer. This activity will be pursued with a focus on both the development of Atlantia’s existing activities and on new synergistic investments, aimed at consolidating its position as a leading company in the infrastructure and mobility sector. The Offeror’s strategic approach is aimed at enhancing the value of the business in the long term.

 

Under the Offeror’s ownership as a non-listed company, with greater operational and organizational flexibility as well as access to larger and flexible long-term capital sources, Atlantia will be able to better focus on its strategy and to deliver value creation.

 

Moreover, the Offeror is focused on supporting Atlantia in achieving its ambitious ESG and technological innovation strategies already announced.

 

For more information, please refer to the Offer Document.

Subject to the conditions of the Offer being satisfied or waived, the Offeror will pay to each shareholder adhering to the Offer a consideration equal to Euro 23.00 for each share tendered to the Offer.

 

Please note that although the Atlantia shareholders’ meeting on April 29, 2022 approved the distribution of a dividend, equal to Euro 0.74 , the Consideration will not be reduced by the 2022 Dividend paid before the Payment Date.

 

In addition, please note that the Consideration incorporates:

 

(i) a premium of 5.3% with respect to the official price of the Shares on the date of April 13, 2022 (the last trading day before the date of Notice 102);

(ii) a premium of 24.4% with respect to the official price of the Shares on the Reference Date (April 5, 2022, the last trading day before the public leakage of speculation on a potential transaction over Atlantia share capital); and

(iii) a premium of 40.8%, 36.3%, 35.2% and 30.9% with respect to the weighted average of the official share prices in the twelve, six, three and one month(s) before the Reference Date.

 

For more information, please refer to the Offer Document.

The Offer is addressed indiscriminately and on equal terms to all holders of shares of Atlantia.

 

For more information, please refer to the Offer Document.

The acceptance period to the Offer will start on 10 October 2022 and will end on 11 November 2022 (inclusive) and will therefore consist of 25 trading days (unless extended) (“Acceptance Period”). As a result, 11 November 2022 will be the last day to accept the Offer, unless the Acceptance Period is extended, and without prejudice to the possible reopening of the terms.

 

If legal grounds are met, the Acceptance Period will be reopened for five consecutive trading days starting from the trading day following the Payment Date and, therefore (unless the Acceptance Period is extended), for the trading sessions of 21, 22, 23, 24 and 25 November 2022.

 

For more information, please refer to the Offer Document.

Payment of the Consideration for shares tendered in the Offer during the Acceptance Period will be made on 18 November 2022 (unless extended).

 

The payment of the Consideration for shares tendered in the Offer during the Reopening of the Terms (if any) will be on 2 December 2022 (unless extended).

 

For more information, please refer to the Offer Document.

The objective of the Offer is to achieve the Delisting of Atlantia shares, i.e., the delisting of the Shares from Euronext Milan. Thus, Atlantia shareholders could find themselves facing one of the following scenarios, including the risk of eventually holding financial instruments not traded on any regulated market:

 

A) The Offeror reaches a shareholding greater than 90% but less than 95% of the Issuer’s share capital

 

If, following the outcome of the Offer and together with the persons acting in concert and taking into account any other shares acquired by the Offeror or persons acting in concert outside of the Offer in accordance with the applicable laws and regulations, including the possible reopening of the Acceptance Period or any extension of the Acceptance Period in accordance with applicable laws, the Offeror comes to hold a total stake greater than 90%, but less than 95%, of the Issuer’s share capital, the Offeror intends not to restore a free float amount sufficient to ensure the regular trading of the shares.

 

Provided the conditions are met, the Offeror will, therefore, fulfill its obligation to acquire the remaining shares from the Issuer’s shareholders who have so requested in accordance with Article 108, paragraph 2, of the TUF (the “Purchase Obligation”).

 

It should be noted that, if the conditions for the Purchase Obligation are met, Borsa Italiana will order the Delisting of Atlantia shares. Therefore, following the fulfillment of the Purchase Obligation, the shares will be delisted and Atlantia’s shareholders who have decided not to tender their shares to the Offer and who have not requested the Offeror to acquire their shares pursuant to the Purchase Obligation, will hold financial instruments not traded on any regulated market, with consequent difficulties in liquidating their investment in the future.

 

B) The Offeror reaches a total shareholding of at least 95% of the Issuer’s share capital

 

In the event that, following the outcome of the Offer and together with the persons acting in concert and taking into account any other shares acquired by the Offeror or persons acting in concert outside of the Offer in accordance with the applicable laws and regulations, including the possible Reopening of the Acceptance Period or any extension of the Acceptance Period in accordance with applicable laws, the Offeror comes to hold an overall stake of at least 95% of the Issuer’s share capital, the Offeror intends to exercise the right to purchase the remaining shares under Article 111 of the TUF (the “Right to Purchase”).

 

It should be noted that, if the conditions for the Right to Purchase are met, Borsa Italiana will order the Delisting of Atlantia shares. If the conditions are met, by exercising the Right to Purchase, the Offeror will also fulfill the purchase obligation under Article 108, paragraph 1, of the TUF vis-à-vis the Issuer’s shareholders who have requested it.

 

C) Further possible scenarios

 

In the event the Delisting is not achieved upon completion of the Offer (including the Reopening of the Acceptance Period, if any, or the potential extension of the Acceptance Period in accordance with applicable laws):

 

  1. there may be a shortage of free float such as not to ensure the regular trading of the shares of the Issuer and Borsa Italiana may order the suspension from trading of Atlantia’s shares and/or the Delisting pursuant to Article 2.5.1, paragraph 6, of the Stock Exchange Regulation; in such a case, the Offeror intends not to restore a sufficient free float to ensure the regular course of the trading of the Issuer’s shares;
  2. the Offeror reserves in any event the right to achieve the Delisting through a merger of the Issuer into the Offeror (the “Delisting Merger”). In such a case, the Issuer’s shareholders who did not vote in favor of the resolution approving the Delisting Merger would have the right to withdraw pursuant to Article 2437-quinquies of the Italian Civil Code, since they would receive in exchange shares that are not listed on a regulated market. Should the withdrawal right be exercised, the liquidation value of the shares subject to withdrawal will be determined pursuant to Article 2437-ter, paragraph 3, of the Italian Civil Code, by reference to the arithmetic average of the closing prices during the 6 (six) months preceding the publication of the notice of call of the shareholders’ meeting called to approve the Delisting Merger. The Delisting Merger will also be assessed in order to achieve a shortening of the chain of control and could result in the applicability of Article 2501-bis of the Italian Civil Code.

For more information, please refer to the Offer Document.

All notices and documents regarding the Offer are available in the Documents section of this site and on the Global Information Agent’s website www.morrowsodali-transactions.com.

Voluntary Public tender Offer on ordinary shares of Atlantia S.p.A.

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SI PREGA DI LEGGERE ATTENTAMENTE LE SEGUENTI RESTRIZIONI E CONDIZIONI RELATIVE ALL’ACCESSO A QUESTA SEZIONE DEL SITO

Di seguito si riportano informazioni rilevanti in relazione all’offerta pubblica di acquisto volontaria totalitaria (l’“Offerta”) avente ad oggetto azioni ordinarie (le “Azioni”) di Atlantia S.p.A. (l’“Emittente”) che Schema Alfa S.p.A. (l’”Offerente”) ha annunciato con comunicato pubblicato, ai sensi dell’art. 102, comma 1, del D.lgs. 58/1998, in data 14 Aprile 2022.

L’Offerta sarà promossa esclusivamente in Italia in quanto le Azioni sono quotate esclusivamente su Euronext Milan organizzato e gestito da Borsa Italiana S.p.A. ed è soggetta agli obblighi di comunicazione e agli adempimenti procedurali previsti dal diritto italiano.

L’Offerta sarà effettuata a mezzo della pubblicazione di un documento di offerta previa approvazione della Commissione Nazionale per le Società e la Borsa (CONSOB) (il “Documento di Offerta”). Il Documento di Offerta conterrà l’integrale descrizione dei termini e delle condizioni dell’Offerta, incluse le modalità di adesione.

L’Offerta non è stata e non sarà promossa né diffusa in Canada, Giappone e Australia, né in qualsiasi altro Paese in cui tale Offerta sia vietata in assenza di autorizzazione da parte delle competenti autorità o altri adempimenti da parte dell’Offerente (tali Paesi inclusi, a titolo esemplificativo, Canada, Giappone o Australia, collettivamente, gli “Altri Paesi”), né utilizzando strumenti di comunicazione o commercio nazionale o internazionale degli Altri Paesi (ivi inclusi, a titolo esemplificativo, la rete postale, il fax, la posta elettronica, il telefono e Internet), né attraverso qualsivoglia struttura di alcuno degli intermediari finanziari degli Altri Paesi, né in alcun altro modo.

L’adesione all’Offerta da parte di soggetti residenti in Paesi diversi dall’Italia potrebbe essere soggetta a specifici obblighi o restrizioni previsti da disposizioni di legge o regolamentari. È esclusiva responsabilità dei soggetti che intendono aderire all’Offerta conformarsi a tali norme e, pertanto, prima di aderire all’Offerta, tali soggetti saranno tenuti a verificarne l’esistenza e l’applicabilità, rivolgendosi ai propri consulenti.

Chiunque intenda accedere alla presente sezione del sito internet, prendere visione del Documento di Offerta e degli altri documenti ivi pubblicati, deve leggere attentamente e avere piena consapevolezza delle informazioni ivi riportate.

Le informazioni incluse in questa sezione del sito non costituiscono né intendono costituire un’offerta, un invito o una sollecitazione a comprare o altrimenti acquisire, sottoscrivere, vendere o altrimenti disporre di strumenti finanziari, e non verrà posta in essere alcuna vendita, emissione o trasferimento di strumenti finanziari dell’Emittente in nessun Paese in violazione della normativa ivi applicabile. L’Offerta sarà effettuata a mezzo della pubblicazione del relativo Documento di Offerta, previa approvazione di CONSOB. Il Documento di Offerta conterrà l’integrale descrizione dei termini e delle condizioni dell’Offerta, incluse le modalità di adesione, che gli azionisti dell’Emittente dovrebbero esaminare attentamente.

Nessuna copia delle informazioni incluse in questa sezione del sito o di qualsiasi altro documento relativo all’Offerta sarà, né potrà essere, inviata per posta o altrimenti trasmessa o distribuita in qualsiasi o da qualsiasi Paese in cui le disposizioni della normativa locale possa determinare rischi di natura civile, penale o regolamentare ove informazioni concernenti l’Offerta siano trasmesse o rese disponibili ad azionisti dell’Emittente. In tale Paese o in altri Paesi dove tali condotte costituirebbero una violazione delle leggi di tale Paese e qualsiasi persona che riceva tali documenti (incluso in qualità di custode, fiduciario o trustee) è tenuto a non inviare per posta o altrimenti trasmettere o distribuire gli stessi verso o da tale Paese.

Nota per gli azionisti statunitensi

L’Offerta qui descritta è soggetta alle leggi italiane. È importante che gli azionisti statunitensi comprendano che l’Offerta e qualsiasi documento d’offerta correlato sono soggetti alle leggi e ai regolamenti in materia di divulgazione e di offerta pubblica di acquisto in Italia, che possono essere diversi da quelli degli Stati Uniti. Nella misura in cui sia applicabile, l’Offerta è effettuata in conformità alle norme statunitensi in materia di offerte pubbliche di acquisto, compreso il Regolamento 14E ai sensi del Securities Exchange Act del 1934, come modificato (l’“Exchange Act”), e l’esenzione “Tier II” relativa ai titoli di emittenti privati stranieri prevista dalla Rule 14d-1(d) ai sensi dell’Exchange Act. Potrebbe essere difficile per i detentori statunitensi di azioni dell’Emittente far valere i propri diritti e qualsiasi reclamo derivante dalle leggi federali statunitensi sui titoli, in quanto sia l’Offerente sia l’Emittente hanno sede in un Paese diverso dagli Stati Uniti e alcuni o tutti i relativi funzionari e amministratori potrebbero essere residenti in un Paese diverso dagli Stati Uniti. Né la Securities Exchange Commission né qualsivoglia commissione dei valori mobiliari in qualsiasi stato degli Stati Uniti ha (i) approvato o negato approvazione circa l’Offerta; (ii) esaminato nel merito la correttezza dell’Offerta; ovvero (iii) esaminato nel merito l’adeguatezza o la completezza della disclosure contenuta nel Documento di Offerta. Qualsiasi dichiarazione contraria costituisce un reato penalmente perseguibile negli Stati Uniti.

Selezionando il pulsante “ACCETTO” si dichiara e si garantisce di non trovarsi fisicamente e di non essere residente negli Altri Paesi, nonché di aver letto, compreso e accettato integralmente e di impegnarsi a rispettare tutte le limitazioni sopra indicate.

 

PLEASE READ CAREFULLY THE FOLLOWING RESTRICTIONS AND CONDITIONS RELATING TO ACCESS TO THIS SECTION OF THE WEBSITE

The following contains important information in relation to the total voluntary tender offer (offerta pubblica di acquisto volontaria totalitaria) (the “Offer“) for the ordinary shares (the “Shares“) of Atlantia S.p.A. (the “Issuer“) that Schema Alfa S.p.A. (the ”Offeror”) announced with a notice published, pursuant to Article 102, paragraph 1, of Legislative Decree 58/1998, on April 14, 2022.

The Offer is being launched exclusively in Italy, since the Shares are listed exclusively on Euronext Milan organized and managed by Borsa Italiana S.p.A. and is subject to the disclosure obligations and procedural requirements provided for by Italian law.

The Offer will be launched by means of the publication of an offer document subject to the approval of the Commissione Nazionale per le Società e la Borsa (CONSOB) (the “Offer Document”). The Offer Document will contain the full description of the terms and conditions of the Offer, including the terms of acceptance.

The Offer has not been and will not be launched nor disseminated in Canada, Japan and Australia, nor in any other country where such an Offer is forbidden without authorization from competent authorities or other fulfilments are required by the Offeror (all such countries, including, but not limited to, Canada, Japan or Australia, collectively, the “Other Countries”), nor using national or international communication or trade tools of the Other Countries (including, by way of example, the postal system, telefax, e-mail, telephone and Internet), nor by way of any office of any of the financial intermediaries of such Other Countries, nor in any other manner.

Acceptance of the Offer by parties which are resident in countries other than Italy may be subject to specific obligations or restrictions provided by law or regulatory provisions. Parties who wish to accept the Offer bear the exclusive responsibility to comply with those laws and therefore, prior to accepting the Offer, those parties are required to verify their possible existence and applicability, consulting their own advisors.

Anyone who intends to access this section of the website and view the Offer Document and the other documents published therein must read carefully and be fully aware of the information contained therein.

Information included in this section of the website does not represent nor does it intend to represent an offer, invitation or solicitation to buy or otherwise acquire, subscribe, sell or otherwise dispose of financial instruments, and no sale, issue or transfer of financial instruments of the Issuer will be made in any country in breach of the regulations applicable therein. The Offer will be launched through the publication of the relevant Offer Document subject to the approval of CONSOB. The Offer Document will contain the full description of the terms and conditions of the Offer, including the manner in which it can be accepted, which shareholders of the Issuer should review carefully. No copy of information included in this section of the website or of any other document relating to the Offer shall be, nor may be, sent by post or otherwise forwarded or distributed in any or from any country in which the provisions of local laws and regulations might give rise to civil, criminal or regulatory risks to the extent that information concerning the Offer is transmitted or made available to shareholders of the Issuer in such country or other countries where such conduct would constitute a violation of the laws of such country and any person receiving such documents (including as custodian, trustee or trustee) is required not to post or otherwise transmit or distribute them to or from any such country.

Note to US shareholders

The Offer described herein is subject to the laws of Italy. It is important that U.S. shareholders understand that the Offer and any related offer documents are subject to disclosure and takeover laws and regulations in Italy that may be different from the United States. To the extent applicable, the Offer is made in compliance with the U.S. tender offer rules, including Regulation 14E under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the “Tier II” exemption in respect of securities of foreign private issuers provided by Rule 14d-1(d) under the Exchange Act. It may be difficult for U.S. holders of the Issuer’s shares to enforce their rights and any claim arising out of the U.S. federal securities laws, since each of the Offeror and the Issuer is located in a country other than the U.S. and some or all of the relevant officers and directors may be residents of a country other than the United States.  Neither the Securities Exchange Commission nor any securities commission in any state of the United States has (i) approved or disapproved the Offer; (ii) passed upon the merits of fairness of the Offer; or (iii) passed upon the adequacy or accuracy of the disclosure in the Offer Document. Any representation to the contrary is a criminal offense in the United States.

By selecting the “AGREE” button you represent and warrant that you are not physically located or resident in the Other Countries, and that you have read, understood and fully accept and agree to abide by all of the above limitations.

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