Trevi board says ICOP share-swap offer undervalues company

• ICOP launched an all-share exchange offer for Trevi Finanziaria Industriale, offering 0.133 new ICOP shares per Trevi share.
• The Trevi board judged the exchange ratio financially inadequate, citing advisor fairness opinions and valuation ranges well above 0.133.
• Offer value was framed at EUR 4.16 per Trevi share using ICOP’s reference price, with no cash component.
• Acceptance period runs Sept. 14 to Oct. 16, 2026, with settlement set for Oct. 23, 2026.
• Webuild has also flagged a competing all-cash bid at EUR 4.50 per Trevi share, adding uncertainty over outcomes.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Trevi Finanziaria Industriale S.p.A. published the original content used to generate this news brief via SDIR, the Italian regulatory disclosure system (Ref. ID: 0262-69-2026_TELEBORSA.pdf), on September 10, 2026, and is solely responsible for the information contained therein.