Lmdv Media due diligence on Seif for takeover bid. Majority members do not transfer shares

Lmdv Media, an investment company dedicated to publishing attributable to the Lmdv Capital family office, moves in the direction of Società Editoriale Il Fatto. The company's board of directors has resolved to authorize a confirmatory due diligence activity on certain information relating to Seif to promote a voluntary takeover bid aimed at delisting. The possible takeover bid would be promoted at the price of 0.286 euros per Seif share for a total value of 7,152,860 euros.

In the meantime, Seif has received a communication from the founding members Antonio Padellaro, Cinzia Monteverdi, Francesco Aliberti, Peter Gomez, Marco Travaglio, Marco Lillo and Luca d'Aprile, who represent a share equal to the majority of the company's share capital, with which they have expressed their "intention not to be interested in selling their share and therefore not wanting to participate in a possible public takeover offer promoted by Lmdv Media following the outcome of the announced due diligence". The company will meet its board of directors in the next few days to examine the content of the Lmdv Media press release and the communication received from the founding members.

The consideration proposed by Lmdv Media incorporates a premium of approximately 30% compared to the official price of Seif shares recorded as of 23 October 2026 and a premium of approximately 16.85% compared to the average of the official prices recorded by Seif shares in the six months preceding that date.

The offer would be subject to the occurrence of conditions of effectiveness in line with the practice for similar operations, including the achievement of an overall shareholding in the issuer at least equal to or greater than 82.9% of the voting capital in the ordinary meeting so as to render inoperative the statutory limit which does not allow Seif shares to be owned in excess of 17% of the company's share capital.

The offer would be aimed at allowing the integration into the Lmdv group of the know-how and "results achieved by the issuer in digital and technological innovation relating in particular to editorial products and digital multimedia content; in addition, the offer would also be instrumental in pursuing the growth and strengthening of Seif as well as maintaining the related editorial line", reads a note from Lmdv Media.

The operation on the Società Editoriale Il Fatto comes a few months after the acquisition of the majority shareholding of 80% of En, Editoriale Nazionale which controls the newspapers Il Giorno, La Nazione, Il Resto del Carlino and the national newspaper Qn. Del Vecchio also has 30% of Il Giornale.

The due diligence, as highlighted in the Lmdv Media note, will concern the "economic-financial situation of the company, also taking into account the information regarding business continuity contained in the reports of the auditing firm Kpmg. on the interim consolidated financial statements as of 30 June 2026 and the consolidated financial statements as of 31 December 2025". In this regard, Lmdv Media intends to carry out more in-depth analyzes with the company's management to estimate Seif's operating and cash needs in the next 24 months to verify whether, "as shown by certain preliminary estimates carried out by Lmdv Media on the basis of public documentation, the company requires a contribution of additional financial means not exceeding 4 million to support its business and editorial continuity", concludes the note.