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Benfica board urges rejection of Berardo offer
Portugal - 25 July, 2007
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The Portuguese Sport Lisboa e Benfica board is recommending that its shareholders reject an offer from Joe Berardo.
Berardo, in an amended prospectus, was offering EUR 3.5 a share for 85 percent of the club's share capital.
The board felt the offer was too low, especially in light that the club was listed on the NYSE Lisbon Euronext stock exchange only two months ago. The board also said the prospectus did not reveal any salient strategy changes.
Berardo, in an amended prospectus, was offering EUR 3.5 a share for 85 percent of the club's share capital.
The board felt the offer was too low, especially in light that the club was listed on the NYSE Lisbon Euronext stock exchange only two months ago. The board also said the prospectus did not reveal any salient strategy changes.
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