KKCG Maritime has raised its offer price for Ferretti from €3.50 to €3.90 per share with immediate effect, resetting the terms of a bid that had attracted minimal shareholder response in the first 10 days of trading. The revision is a considerable 35.1 per cent premium to Ferretti’s undisturbed closing price on Euronext Milan on 11 December 2025, and, more notably, a 2.7 per cent increase from yesterday’s (25 March) trading.

The offer now sits above the prevailing market price. The revised maximum consideration, if the offer is fully subscribed, stands at around €203.3 million.

Under the Hong Kong Takeovers Code, having made that statement, KKCG Maritime is not permitted to increase the consideration further. €3.90 is the ceiling. Moreover, all shareholders who have already tendered under the original agreed terms will automatically receive the higher price.

The acceptance period remains open until 13 April, with payment on 20 April for any shares purchased. And by publicly committing to €3.90 as its final price, KKCG has removed any reason for shareholders to wait for a better offer, because there will not be one. The decision for shareholders is now to either accept €3.90 by 13 April or hold.

The move comes after nine days in which the offer attracted valid acceptances for just 12,416 shares following both the board’s formal rejection and the fact that Ferretti’s shares had been trading above the declared €3.50 price on the open market. KKCG’s rebuttal of the board’s rejection argued that Ferretti’s share price was supported by Weichai’s sustained purchasing programme as opposed to genuine market consensus and that the price could fall back toward pre-December levels once the offer closed and buying pressure dissipated.

But at €3.90, with an unshakable stance declared and a closing date of 13 April, shareholders are being offered a defined premium above the current market price, with no prospect of a higher bid and the possibility that the floor disappears once the window closes. Whether shareholders can be convinced to move is another thing entirely.

Beyond the offer itself, the annual general meeting is confirmed for 14 May 2026. Neither KKCG nor FIH has yet named its board slate candidates.

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