October 14, 2019 / 7:27 AM / 2 months ago

Shares in Italian publisher Gedi up 10.3% after Carlo de Benedetti's offer

MILANO, Oct 14 (Reuters) - Shares in Italy’s Gedi shot up more than 10% in early trade on Monday after an offer for the publisher of leading daily la Repubblica, which was rejected by its controlling shareholder.

Gedi’s holding company CIR is controlled by De Benedetti’s three sons, to whom the father transferred his stake seven years ago.

De Benedetti at the weekend said he had offered to buy a 29.9% Gedi stake from CIR at Thursday’s closing price of 0.25 euros a share.

CIR on Sunday said the offer was “clearly unacceptable since... it did not recognise the real value of the stake to CIR and its shareholders.” (Reporting by Elisa Anzolin, editing by Valentina Za)

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