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09 June 2021 • Articles

Milano Finanza

Italian market: Retail shareholders are increasingly crucial in public tender offers

In this article, published by MilanoFinanza, Andrea DiSegni, Morrow Sodali’s Managing Director comments on the increasing role of retail shareholders in PTOs.

“In the last year there have been over 10 public tender offers, and in almost all of them the retail shareholders have proved to be a determining factor," asserts Di Segni.

The difficulty is the information imbalance regarding the shareholder profiles between the bidder and the target company. “We at Morrow Sodali have long been convinced that in the event of a public offer, the shareholders' register should be made available to all shareholders,” explains Di Segni.

Additionally, small shareholders often rely solely on the indications of credit institutions whilst leaving out the market logic.

"Sometimes we work on presumed data, however, this is crucial," comments the managing director of Morrow Sodali.

The significance of retail shareholders today is to some extent a symbol of the changing times.

Read the full article here (in Italian).

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