KKCG Maritime 'on Thursday rejected Ferretti’s opposition to 'its 3.90 euro a share partial tender offer', stating that directors nominated 'by 'controlling shareholder Ferretti 'International 'Holdings' (FIH), a 'unit' of 'China's Weichai Group','shaped' the recommendation.

The Czech investor claimed that the bid was transparent, fair and offered a good exit for minority shareholders. This highlighted the discord within Ferretti's Board after two directors publicly supported the offer.

KKCG owns 14.5% in the Italian yacht manufacturer. It is looking to?raise its stake to up to 29.9% by making a partial 'offer' for as many as 52.1 million shares or 15.4%. The sweetened deal would be valued at?about 203,3 million euros.

The offer will close on April 13th, and the settlement date is April 20th.

Ferretti, with the support of adviser Altus last week, said that its majority board, in agreement with the offer, considered it "not reasonable and not fair" to independent shareholders. They cited valuation concerns, a lack of full exit, and possible governance uncertainty.

Weichai - which?controls approximately 38% of Ferretti through FIH - has backed up the board's recommendations and hasn't offered to?offer its stake.

Honorary Chairman Piero Ferreri and independent 'director Stefano Domenicali'?discussed and recommended that shareholders accept the proposal, while Chief Executive Alberto Galassi remained silent. Ferrari has said he will tender his entire holding of?4.63%.

KKCG said the bid was final and that Hong Kong takeover laws prevented it from increasing the price or extending the deadline.

Ferretti shares closed at 3.928 euro on Wednesday. This is up almost 8% from the time that the offer was first launched in January. (Reporting and editing by Shreya biswas in Bengaluru, with Roushni nair from Bengaluru)

(source: Reuters)