Iveco shareholders approved a lower 80% acceptance threshold for Tata Motors’ offer, while Mint estimates three investors could gain €63 million by tendering before the Oct. 26 deadline.
Teleborsa reported on Borsa Italiana’s website that 94,958,660 shares covered by the bid had been tendered as of Oct. 22, equal to 35.012% of the shares covered by the offer. That reported tally is below the revised minimum.
Mint identified the investors as Davidson Kempner, Syquant Capital and Petrus Advisers. Its estimated €63 million gain assumes they tender at €14.40 per share and is based on estimated purchase costs derived from market averages; their actual acquisition costs were not disclosed.
Mint also cited an executive familiar with the matter who said the three investors held about 20.4% of Iveco’s common shares and had not tendered. The public tally does not identify which shareholders submitted shares.
Iveco shareholders approved board-proposed resolutions on Oct. 16, including the change to the 80% acceptance threshold from 95%. Tata’s offeror, TML CV Holdings B.V., raised its price from €14.10 to €14.40 per share on Oct. 9, citing delays in prior authorizations. The offeror called the revised price its “best and final” determination.
Tata and Iveco announced the proposed acquisition of Iveco’s commercial vehicle business in July 2025 at a value of about €3.8 billion. The deal excludes Iveco’s Defence Business, which the company sold separately to Leonardo; that transaction closed in March 2026.
Petrus had said the original €14.10 offer undervalued Iveco and did not give shareholders enough of the expected synergy value. In a September statement, Petrus Advisers said: “Our ask is a simple one: fair value for all of Iveco's shareholders.”
The tender period is scheduled to close Monday, Oct. 26.
