Investors to run IPO rule over complex Unipol-Sai tie-up
Rights issues of €2.2bn backing the Unipol-led merger of four Italian insurance groups got going on Monday, with subscriptions opening and roadshows taking place. However trading got off to a mixed start — the deal is complex, involving four separate lines of stock and associated rights — and was highly volatile on tiny volumes this week.
The deal should be looked at with IPO-style metrics, said bankers, as the theoretical ex-rights prices are largely irrelevant given dilution levels of 95% and 99%. Instead, investors should judge it on the basis of valuation multiples, they said.
Investor meetings were held across Europe this week with Monday
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