Lmdv Media launches due diligence for delisting tender offer on Il Fatto publisher

The offer

On Sunday, 25 October, Lmdv Media, the investment company for publishing linked to the Lmdv Capital family office of Leonardo Maria Del Vecchio, said its board had authorised a confirmatory due diligence on Società Editoriale Il Fatto, known as Seif. The review is meant to support a voluntary total tender offer for all Seif shares, aimed at a delisting. If the review turns out positive, the offer would be priced at €0.286 per share, a total of €7,152,860. Bloomberg put that sum at $8.3 million. The price includes a premium of about 30% over Seif's official share price on 23 October 2026, and about 16.85% over the average official price of the previous six months.

Lmdv offer price0.286

Last market price0.22

Lmdv offer price

0.286 EUR

Last market price

0.22 EUR

Data from the article text

Conditions and the financial review

The offer depends on reaching a combined stake of at least 82.9% of the voting capital at an ordinary shareholders' meeting. That level would make ineffective a statutory limit that stops any holder from owning more than 17% of Seif's share capital. The due diligence will examine Seif's economic and financial position, including going-concern notices in KPMG's reports on the interim consolidated accounts to 30 June 2026 and the consolidated accounts to 31 December 2025. Lmdv Media plans deeper talks with management to estimate Seif's operating and cash needs over the next 24 months. Its preliminary estimates, based on public documents, suggest Seif may need up to €4 million in additional funds to support its continuity as a company and publisher.

Founders say they will not sell

Seif said it had received a communication on 25 October from founding shareholders Antonio Padellaro, Cinzia Monteverdi, Francesco Aliberti, Peter Gomez, Marco Travaglio, Marco Lillo and Luca d'Aprile. Together they represent a majority of the share capital, and they said they do not intend to sell their stakes or accept a possible tender offer. Seif noted that the offer would require the 82.9% threshold. Its board will meet in the coming days to examine the proposal. According to Repubblica, free float is 40%, with Padellaro and Monteverdi each holding 16.25% and Aliberti 5%, while Travaglio, Gomez and Lillo each hold under 5%. The last market price of Seif shares was €0.22.

Free float40%

Antonio Padellaro16.25%

Cinzia Monteverdi16.25%

Francesco Aliberti5%

Free float

40 %

Antonio Padellaro

16.25 %

Cinzia Monteverdi

16.25 %

Francesco Aliberti

5 %

Data from the article text

Del Vecchio's wider media push and the Il Fatto dispute

Lmdv Media recently acquired 30% of Il Giornale, which is controlled by the Angelucci family, and most of the dailies of the former Riffeser group, namely QN, Il Giorno, La Nazione and Il Resto del Carlino. Open reports that Del Vecchio earlier took an 80% majority stake in En, Editoriale Nazionale, which controls those titles. The offer came two days after an exchange between Del Vecchio and Il Fatto, which had published fragments of wiretaps from part of the Equalize investigation. The following day Il Fatto reported on a New York Times investigation that said Del Vecchio had allegedly hired professionals to discredit a former partner. Del Vecchio responded on social media before that article appeared in print. Open also reports that the Pulp Podcast account, run by Fedez and Mr. Marra, reshared the announcement and framed the bid as a rescue of Il Fatto.

Rationale and what follows

In its note, Lmdv Media presented the bid as an expression of its owner's interest in publishing.

“The operation arises from the entrepreneur's passion for the publishing sector, with the aim of acquiring the newspaper, stabilising its accounts and steering its relaunch.”

The note also said the offer would let the group integrate Seif's know-how in digital and technological innovation and support its growth and editorial line. Open reports that the plan would keep Marco Travaglio as director, with the stated intention of keeping the paper's line unchanged. Reactions to the offer were still awaited at the time of the reports, and Seif's board meeting on the proposal is pending.