Ivs coffee machines enter the Lavazza galaxy. The Turin group led by Antonio Baravalle (in the photo) has launched – through the Gray vehicle – a voluntary cash takeover bid for all of Ivs shares, active in the automatic distribution of coffee, drinks and snacks with a 2023 turnover of 726.1 million (+34%). Final objective: delisting. Lavazza was already a shareholder of IVS with a 20% stake and with this 650 million offer the group is strengthening its position in the vending sector.
The tender offer price is 7.15 euros for each share tendered in acceptance of the offer and incorporates a premium equal to 11% compared to the closing date of 22 April of Ivs on the stock exchange, equal to 6.9% compared to the official price of the 19 April, as well as 18.9% compared to the arithmetic average of the prices of the last six months. Which is why yesterday the stock on Piazza Affari substantially aligned with the takeover price, closing the session at 7.14 euros with a jump of over 10 percent.
The operation involves a series of agreements signed by E-Coffee Solutions (a company controlled by Luigi Lavazza spa) and by Ivs Partecipazioni (majority shareholder of Ivs Group), but the vehicle with which the offer will be launched is a newco today entirely controlled by Ecs.
«The structure of the operation in the event that, starting from 2027, the options provided for in the agreements were exercised would allow the Lavazza group to strengthen its ability to compete with the other major coffee players at an international level, thanks to an ever-growing dimension more important, also in the strategic vending channel, structuring itself to compete in the current complex macroeconomic scenario”, commented Baravalle.
