The board of directors at Ferretti, known for its luxury yacht manufacturing and listed on Euronext Milan and the Hong Kong Stock Exchange, has dismissed a partial and conditional takeover offer from Kkcg maritime for 15.4% of its shares. In their assessment, the board, with the exception of Piero Ferrari and CEO Alberto Galassi, concluded that the offer was neither fair nor reasonable for independent shareholders. The proposed price of €3.5 per share was deemed inadequate financially, leading the board to advise shareholders against accepting the bid.

This decision aligns with the views of the independent directors' committee, which drafted a letter evaluating the offer and advising shareholders not to engage with it due to its perceived inadequacy. Such rebuffs to takeover attempts are not uncommon, especially in the luxury goods sector where brand value and shareholder expectations play a significant role in acquisition discussions.

In the context of the ongoing market dynamics, the rejection of Kkcg's proposal could have implications for both companies involved. It highlights the competitive landscape of the luxury yacht industry, with Ferretti maintaining a strong stance on shareholder value and investment integrity. The move also attracts attention regarding Kkcg maritime's strategies as they pursue growth in a highly niche market.