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Prelios SpA names financial adviser, independent expert ahead of takeover offer

Prelios SpA appointed Mediobanca - Banca di Credito Finanziario SpA financial adviser and independent expert ahead of Burlington Loan Management DAC's launch of a mandatory public tender offer for its remaining shares.

The subsidiary of Davidson Kempner Capital Management LP agreed to a €71 million purchase of 611,910,548 Prelios shares, representing a 44.86% interest in its voting capital, at 11.6 euro cents apiece. Following the deal with investors comprising Pirelli & C. SpA, Intesa Sanpaolo SpA, UniCredit SpA and Fenice Srl, Burlington will be obligated to make a bid for the remainder of the company's ordinary shares.

Additionally, Prelios' independent directors designated Giorgio Pellati independent expert in anticipation of the acquisition.