KKCG Maritime on Thursday rejected Ferretti's opposition to its €3.90-a-share partial tender offer, saying directors nominated by controlling shareholder Ferretti International Holdings (FIH), a unit of China's Weichai Group, shaped the recommendation.
The Czech investor argued that the bid was fair, transparent and provided minority shareholders with an attractive exit, highlighting dissent within Ferretti's board after two directors publicly backed the offer.
KKCG, which owns 14.5 per cent of the Italian yacht maker, is seeking to raise its holding to as much as 29.9 per cent through a partial offer for up to 52.1 million shares, or 15.4 per cent, valuing the sweetened deal at about €203.3 million.
The offer closes on April 13, with settlement due on April 20.
Ferretti said last week its board majority, supported by adviser Altus, considered the revised offer "not fair and not reasonable" for independent shareholders, citing valuation concerns, the lack of a full exit and potential governance uncertainty.
Weichai, which controls about 38 per cent of Ferretti via FIH, has backed the board's recommendation and has not offered to tender its stake.
Honourary Chairman Piero Ferrari and independent director Stefano Domenicali dissented and recommended shareholders accept the offer, while Chief Executive Alberto Galassi abstained. Ferrari has said he intends to tender his entire 4.63 per cent holding.
KKCG reiterated the bid is final, saying Hong Kong takeover rules prevent it from raising the price or extending the deadline.
Ferretti shares closed at €3.928 on Wednesday, up nearly eight per cent since the offer was launched in January.
(Reporting by Roushni Nair in Bengaluru; Editing by Shreya Biswas)
