Milan – A potential takeover of SEIF by Leonardo Maria Del Vecchio’s LMDV Media is under consideration. The company is considering making an offer for Società Editoriale Il Fatto, the publisher of the newspaper Il Fatto Quotidiano. If the due diligence review yields a positive result, a voluntary offer for all shares at 0.286 euros per share is planned. However, the founding shareholders, who collectively hold a majority stake, have stated that they do not intend to sell their shares.
According to information released on Sunday, LMDV Media has initially approved a so-called due diligence process. This involves reviewing the publisher’s financial and legal circumstances. A binding takeover bid has not yet been launched, nor has one already been successfully completed. Any potential offer remains contingent on the outcome of this review and other conditions.
The stated price corresponds to approximately 7.15 million euros for all shares combined. Compared to the official stock market price on October 23, this would represent a 30 percent premium. If the deal is successful, LMDV aims to delist the company from the stock exchange. For the planned structure to proceed, at least 82.9 percent of the voting capital must be secured.
SEIF Acquisition: Founders Want to Keep Their Shares
The majority shareholders objected to the plan in an official statement dated October 25. Among them are Antonio Padellaro, Marco Travaglio, Peter Gomez, and Cinzia Monteverdi. They stated that they are not interested in selling their stakes or participating in a potential offer. SEIF’s board of directors plans to meet in the coming days.
This poses a significant obstacle to a successful full takeover. The 17 percent ownership limit stipulated in the articles of incorporation is another reason why LMDV is aiming for such a high acceptance rate. The founders’ declaration of majority support currently leaves it unclear whether the planned transaction will proceed at all.
Leonardo Maria Del Vecchio is the son of the late Luxottica founder Leonardo Del Vecchio. His media company already owns an 80 percent stake in Editoriale Nazionale, which publishes *Il Giorno*, *La Nazione*, and *Il Resto del Carlino*, as well as a 30 percent stake in *Il Giornale*. In addition to Il Fatto Quotidiano, SEIF publishes the news portal ilfattoquotidiano.it, the magazine FQ Millennium, and books under the PaperFirst brand.
