Ducati receives US$576m offer

The three major shareholders of Ducati, the Italian motorcycle manufacturer yesterday made a €1.7 per share offer for the Bologna-based group, valuing the company at €390m (US$576m)

The offer was tabled by Italian private equity firms Investindustrial and BS Investimenti and partner Hospital of Ontario Pension Plan, which together own almost 30% of Ducati.

Ducati shares rose 20% to €1.68 on news of the offer, which is at a 22% premium to the closing share price on Monday.

Intesa Sanpaolo will finance half of the acquisition with the remainder of the funding provided by the bidders. The funds said their aim was to consolidate their stakes in Ducati and delist the company from the Milan stock market.

Ducati, which is targeting annual sales growth of 10%, posted net income of €13.3m in 2007, its first full-year profit after three years of losses.