Ferretti has advised its independent shareholders to reject a partial public tender offer from KKCG Maritime to acquire 15.4 per cent of the company. The boat builder issued a response document on March 13 following a recommendation from its independent financial adviser that the proposal is "not attractive".
KKCG Maritime is seeking to purchase up to 52,132,861 shares in the Italian company. This action follows an offer document issued on March 2, 2026, which outlined the voluntary conditional partial public tender offer for the subscribed and paid-in share capital.
Altus Capital, acting as the independent financial adviser, stated the consideration is "not fair and not reasonable" so far as independent shareholders are concerned. Consequently, the firm suggested that the independent board committee should advise investors, "NOT TO ACCEPT the offer."
The board of directors concurred with these findings, noting that the financial terms are "not congruous". Chairman of the board of directors Hao Qinggui confirmed the document was sent to shareholders in accordance with regulatory codes.
The company stated that shareholders should review the detailed letters from advisers before taking any further action. This response includes a letter from the committee and an extensive report from the financial adviser spanning 44 pages.
The recommendation was made based on the belief that the bid fails to provide adequate value to the current owners. Shareholders have been urged by Ferretti to consult with professional advisers if they are in doubt about any aspect of the response document.