Offer Document Mandatory Tender Offer
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OFFER DOCUMENT MANDATORY TENDER OFFER PURSUANT TO ARTS. 102 AND 106, PARAGRAPH 1, OF LEGISLATIVE DECREE NO. 58 OF 24 FEBRUARY 1998, AS AMENDED INVOLVING ORDINARY SHARES OF ISSUER Indesit Company S.p.A. OFFEROR Whirlpool Italia Holdings S.r.l. NUMBER OF SHARES SUBJECT TO THE OFFER No. 34,244,635 ordinary shares of Indesit Company S.p.A. PER SHARE OFFERED CONSIDERATION EUR 11 for each ordinary share of Indesit Company S.p.A. DURATION OF THE TENDER PERIOD AGREED TO WITH BORSA ITALIANA S.P.A. from 8:00 a.m. (Italian time) on 3 November 2014 until 5:30 p.m. (Italian time) on 21 November 2014, inclusive, subject to extensions CONSIDERATION PAYMENT DATE 28 November 2014, subject to extensions OFFEROR’S FINANCIAL ADVISOR INTERMEDIARY RESPONSIBLE FOR COORDINATING THE COLLECTION OF TENDERS GLOBAL INFORMATION AGENT THE APPROVAL OF THE OFFER DOCUMENT, WHICH OCCURRED PURSUANT TO CONSOB RESOLUTION NO. 19055 OF 29 OCTOBER 2014, ENTAILS NO JUDGMENT BY CONSOB AS TO THE APPROPRIATENESS OF TENDERING OR AS TO THE MERITS OF THE DATA AND INFORMATION CONTAINED IN THIS DOCUMENT. October 2014 Note to the English version of the Offer Document: the Italian version of the Offer Document is the only document approved by CONSOB with resolution No. 19055 of 29 October 2014 Indesit Company S.p.A. Offer Document TABLE OF CONTENTS LIST OF THE MAIN DEFINITIONS ................................................................................................ 5 INTRODUCTION ........................................................................................................................ 11 A. WARNINGS .................................................................................................................. 18 A.1 CONDITIONS FOR THE EFFECTIVENESS OF THE OFFER ................................................. 18 A.2 APPROVAL OF THE INTERIM REPORT ON OPERATIONS AS OF 30 SEPTEMBER 2014 ....... 18 A.3 INFORMATION RELATING TO THE FINANCING OF THE OFFER ....................................... 18 A.3.1 Acquisition of the Majority Stake in the Issuer .................................................. 18 A.3.2 Method of financing the Offer ............................................................................ 19 A.3.3 Main terms and conditions of the intragroup financing for the Acquisition and the Offer .............................................................................................................. 19 A.3.4 Guarantee of Full Performance ........................................................................... 19 A.4 RELATED PARTIES ....................................................................................................... 20 A.5 RATIONALE FOR THE OFFER AND FUTURE PLANS OF THE OFFEROR RELATING TO THE ISSUER ........................................................................................................................ 20 A.6 NOTICES AND AUTHORIZATIONS TO CONDUCT THE OFFER .......................................... 21 A.7 THE OFFEROR’S STATEMENT IN REGARD TO THE POTENTIAL RESTORATION OF THE FLOAT AND THE OBLIGATION TO PURCHASE PURSUANT TO ART. 108, PARAGRAPH 2, OF THE TUF ..................................................................................................................... 21 A.8 THE OFFEROR’S STATEMENT IN REGARD TO COMPLIANCE WITH THE OBLIGATION TO PURCHASE PURSUANT TO ART. 108, PARAGRAPH 1, OF THE TUF AND THE CONCURRENT EXERCISE OF THE RIGHT TO PURCHASE PURSUANT TO ART. 111 OF THE TUF ............................................................................................................................ 22 A.9 POTENTIAL CONFLICTS OF INTEREST ........................................................................... 23 A.10 POSSIBLE ALTERNATIVE SCENARIOS FOR HOLDERS OF THE SHARES ............................ 24 A.10.1 Tendering in the Offer, including during any Re-opening of the Tender Period ................................................................................................................. 24 A.10.2 Failure to tender in the Offer, including during any Re-opening of the Tender Period .................................................................................................................. 25 A.11 INDEPENDENT DIRECTORS’ OPINION .......................................................................... 26 A.12 ISSUER’S STATEMENT ................................................................................................. 26 A.13 NOTICE TO U.S. RESIDENT HOLDERS OF THE SHARES.................................................. 27 B. PARTIES PARTICIPATING IN THE TRANSACTION ........................................ 28 B.1 INFORMATION RELATING TO THE OFFEROR ................................................................. 28 B.1.1 Name, legal form and corporate office ............................................................... 28 -1 Indesit Company S.p.A. Offer Document B.1.2 Year of incorporation and duration .................................................................... 28 B.1.3 Governing law and court with jurisdiction ......................................................... 28 B.1.4 Share capital ....................................................................................................... 28 B.1.5 The Offeror’s shareholders and shareholders’ agreements ................................ 29 B.1.6 Governance and control bodies .......................................................................... 32 B.1.7 Summary description of the Offeror’s group ..................................................... 33 B.1.8 The Offeror’s business ........................................................................................ 34 B.1.9 Accounting principles ......................................................................................... 35 B.1.10 Balance sheet and profit and loss account .......................................................... 35 B.1.11 Recent trends ...................................................................................................... 50 B.2 THE PARTY ISSUING THE FINANCIAL INSTRUMENTS SUBJECT TO THE OFFER ............... 50 B.2.1 Name, legal form and corporate office ............................................................... 50 B.2.2 Share capital ....................................................................................................... 50 B.2.3 Significant shareholders ..................................................................................... 52 B.2.4 Governing and supervisory bodies ..................................................................... 52 B.2.5 Recent and future trends ..................................................................................... 55 B.3 INTERMEDIARIES ........................................................................................................ 76 B.4 GLOBAL INFORMATION AGENT................................................................................... 76 C. CATEGORIES AND QUANTITIES OF THE FINANCIAL INSTRUMENTS SUBJECT TO THE OFFER ....................................................................................... 77 C.1 CATEGORY OF THE FINANCIAL INSTRUMENTS SUBJECT TO THE OFFER AND RELATED QUANTITIES ................................................................................................................ 77 C.2 AUTHORIZATIONS ....................................................................................................... 77 D. FINANCIAL INSTRUMENTS OF THE ISSUER OR INSTRUMENTS HAVING SUCH INSTRUMENTS AS UNDERLYING ASSET OWNED BY THE OFFEROR, INCLUDING THROUGH FIDUCIARY COMPANIES OR A THIRD PARTY ............................................................................................................ 79 D.1 NUMBER AND CATEGORY OF FINANCIAL INSTRUMENTS ISSUED BY THE ISSUER HELD BY THE OFFEROR AND THE PERSON ACTING IN CONCERT WITH SPECIFICATION OF THE TYPE OF OWNERSHIP AND THE RIGHT TO VOTE ............................................................ 79 D.2 REPURCHASE, SECURITIES LENDING, RIGHT OF USE OR PLEDGE AGREEMENTS, OR OTHER COMMITMENTS AGAINST THOSE INSTRUMENTS ................................................ 79 E. PER SHARE CONSIDERATION FOR THE FINANCIAL INSTRUMENTS AND ITS JUSTIFICATION ................................................................................................. 80 E.1 INDICATION OF THE CONSIDERATION AND ITS DETERMINATION ................................. 80 2 - Indesit Company S.p.A. Offer Document E.2 TOTAL VALUE OF THE OFFER ...................................................................................... 80 E.3 COMPARISON OF THE CONSIDERATION WITH CERTAIN INDICATORS RELATING TO THE ISSUER ........................................................................................................................ 81 E.4 MONTHLY WEIGHTED ARITHMETIC AVERAGE OF THE OFFICIAL RECORDED PRICES OF THE INDESIT ORDINARY SHARES IN THE 12 MONTHS PRECEDING THE DATE OF ANNOUNCEMENT OF THE ACQUISITION ....................................................................... 84 E.5 STATEMENT OF THE VALUES ATTRIBUTED TO THE ISSUER’S SHARES ON THE OCCASION OF FINANCIAL TRANSACTIONS ENGAGED IN DURING THE LAST FISCAL YEAR AND THE CURRENT FISCAL YEAR ............................................................................................... 85 E.6 STATEMENT OF THE VALUES AT WHICH THE OFFEROR ENGAGED IN, IN THE PAST 12 MONTHS, PURCHASE AND SALE TRANSACTIONS IN THE SHARES, WITH A STATEMENT OF THE NUMBER OF FINANCIAL INSTRUMENTS PURCHASED AND SOLD ............................. 86 F. METHOD AND