E-Coffee Solutions, a subsidiary of the Lavazza Group, and Ivs partecipazioni (majority shareholder of Ivs group) have reached an agreement for the newly established company, Grey, to launch a voluntary cash tender offer for all Ivs group shares aimed at delisting at a price of 7.15 euros per share.

This is stated in a note.

Lavazza already holds about 20 percent of Ivs' capital through Torino 1895 investments.

The offer consideration incorporates a premium of 11 percent over the closing price of Ivs shares yesterday and 18.9 percent over the weighted arithmetic average of Ivs' official recorded share prices over the past six months.

The offer is aimed at obtaining the delisting of Ivs shares from listing and trading on Euronext Milan, which can also be achieved through a merger if the relevant conditions are met, the statement added.

The offer to be promoted by Grey is on 28.36 percent of Ivs' share capital. In case of full acceptance of the offer by all the holders of the shares covered by the offer, the total maximum countervalue of the offer, is 184.7 million euros.

Ivs shares closed yesterday at 6.44 euros.

Full press release

(Giancarlo Navach, editing Andrea Mandalà)