The takeover bid launched by Honeywell on Civitanavi Systems has received the green light from Consob, with the offer acceptance period set from May 27 to July 19.

This is according to a note, which notes that Honeywell will pay a consideration of 6.17 euros per share.

Last March 27, Honeywell had announced its intention to acquire the entire share capital of Civitanavi, listed on Euronext Milan, through the launch of a voluntary tender offer at a price of 6.30 euros per share in cash (which included the dividend of 0.13 paid on May 8) aimed at delisting.

The transaction values Civitanavi Systems at around 200 million euros as equity value.

Around 2:20 p.m., Civitanavi's stock rises 2 percent on the stock exchange to 6.08 euros.

(Antonella Cinelli, editing Gianluca Semeraro)