Top investor NAF raises offer for Italian motorway group ASTM

MILAN (Reuters) – The top investor in ASTM raised its bid offer for the Italian motorway group by around 150 million euros ($ 182.45 million) in an effort to secure backing for plans to take the company private and implement a broad overhaul.

Nuova Argo Finanziaria (NAF), the group’s top investor with a 43% stake, said on late Friday it is ready to pay 28 euros per ASTM share, or 1.85 billion euros, to buy an additional 46.92% stake in the company.

In February, NAF had announced an offer of 25.6 euros per share, or 1.7 billion euros.

The new price represents a 40.8% premium over ASTM’s …

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