Tata Motors ups Iveco offer to Euro 14.40 per share, calls it best and final
TMCV · price
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Tata Motors' indirect subsidiary TML CV Holdings B.V. raised its voluntary tender offer price for Iveco Group N.V. from Euro 14.10 to Euro 14.40 per common share, a Euro 0.30 increase declared as best and final. Maximum deal value if fully accepted rises to about Euro 3.91 billion. An extra Euro 85 million credit facility from MUFG Bank funds the bump. Reason cited: slight delay in completing the offer because regulatory approvals in some jurisdictions took longer than expected. Shareholders who already tendered need no further action.
Shows Tata Motors' commitment to closing the Iveco acquisition despite regulatory delays; small price hike keeps deal economics largely intact for shareholders.