After the "closure" of Cagliari, CITIC relaunches: "We want a negotiation"

The international company of independent investors that aspires to negotiate with Cagliari for a hypothetical change of ownership, has issued a note in which it strongly rejects any information damaging the image of the company. And he relaunches in affirming his intention to enter into negotiations with Cagliari Calcio.

It was precisely the company led since 2014 by the president Tommaso Giulini, on Wednesday afternoon, to reject with a short press release any possibility of negotiation with Citic Holding IF Group Llc, "on whose approach and corporate profile are still relevant perplexity ". In short, closed doors.

The replica

The response of the company based in the United States, represented by the Avocom law firm in Milan, was not long in coming. Here is the text: "Citic Holding IF Group, an independent investment company based in Delaware, confirms the sending of a non-binding expression of interest for the purchase of all the shares owned by Cagliari Calcio Spa".

From Citic Holding IF, then, a passage on its image: "It does not intend to comment on news and information deemed misleading and the result of investigations by some newspapers which are evidently partial and, for the most part, superficial and undocumented and therefore liable to be easily denied . It also does not include implicit and explicit objections to conduct that has always been characterized by fairness and transparency as well as the standard procedure adopted as the first operational step for the establishment of a complex negotiation but to be kept on a track of mutual respect ". So, in conclusion, the openness to any type of investigation or examination of the project: "The ground of comparison, if you want to carry out mutual, in-depth evaluations, is the contractual one and Citic Holding IF Group Llc is, as it has shown so far, it has always been collaborative having no hesitation in providing any possible guarantee of success of the project exhibited to the property of Cagliari Calcio Spa ".

What happen

In recent days, Citic had sent - signed by Frederick M. Howard, Executive Director of the holding - a letter of interest to Cagliari, between the lines the intention to start a negotiation to arrive at the purchase of all the shares of the company. rossoblù company. This is one of the passages: “The permanence of the football team in the top flight of the Italian league will be understood as a circumstance capable of significantly influencing the purchase price of the entire share package of the aforementioned company. An offer, in case of adhesion of the transferring companies, will be presented following the outcome of the corporate due diligence in the period following the end of the 2021-2022 championship ".

The American holding company, represented by the lawyer Francesco Del Bene, to deny any allegation or suspicion of lack of transparency, should at this point take another step, with the request for a meeting and then the formulation of a purchase proposal with an amount of departure. This figure could obviously vary on the basis of the subsequent “due diligence”, ie the verification of the financial statements. The latest is dated 30 June 2021, but the "due diligence" operations would instead refer to the most recent documents.

(red. spo.)