Exor Exor announces oversubscribed €1 billion tender offer

Exor announced the results of its €1 billion tender offer which is part of a broader share buyback program. The reverse Dutch auction, which closed on April 23, 2025, saw 22,965,749 ordinary shares tendered by qualifying shareholders. Due to oversubscription, Exor purchased 12,254,495 shares (5.5% of issued shares) at a strike price of €81.6 per share, reflecting a 2% premium over the reference volume-weighted average price (VWAP) of €80.0, and a 1.8% premium over yesterday's close at €80.2. The settlement is expected around April 28, 2025, followed by the cancellation of the acquired shares and the additional 950,000 shares currently held in treasury, totaling 6.0% of issued shares. Giovanni Agnelli B.V., Exor's majority shareholder, tendered 6,985,062 shares, maintaining a 51.9% stake post-settlement. The tender offer aligns with Exor's strategy to optimize capital structure while leveraging its strong 2024 performance.