Vesuvius (VSVS): Possible offer
This situation live
VSVS Vesuvius
29 Sep 2026 · approach · 448p · −5% since
The Headline Value represents a premium of approximately 47 per cent to the closing share price on 28 September 2026.
Possible offer
approach
Offer448p in cash
Premium+20% on 374.4p
Spread now+0.9% to the offer
Boardopposes
Irrevocables23%
As of 29 Sep 2026 ↗
OCT27
Next: RHIM firm offer (Rule 2.7) or walk away in 2 days
Every step · 2
- 29 Sep 2026 approach · 448p – The Headline Value represents a premium of approximately 47 per cent to the closing share price on 28 September 2026. ↗
- 29 Sep 2026 approach – Vesuvius received the latest proposal from RHI comprising 470 pence per ordinary share in cash and 0.28 new RHI shares for every 10 Vesuvius shares. ↗
What is happening
Vesuvius: Possible offer – approach. ['approach']
- In short
- RHI Magnesita has made unsolicited proposals since 29 September 2025 (first 448p cash), all rejected. On 29 September 2026 RHIM confirmed advanced talks with the board on a possible recommended cash-and-share offer, the 27 August Latest Proposal, worth 549p at 28 September (c.47% premium). Cevian (c.23%) has given an irrevocable that applies only if the board recommends. No firm offer yet.
- Announced
- 29 Sep 2026 · approach · 448p
- Latest
- 29 Sep 2026 · approach
- Latest proposal
- 470p cash plus 0.28 new RHI shares per 10 Vesuvius shares, received 27 August 2026
- Value
- 551p per share on RHI 1-month VWAP at 27 August 2026; holders would own c.13% of enlarged RHI
- Bidder
- RHI Magnesita N.V.; Vesuvius holders would own c.13% of enlarged RHIM; RHIM board and main holders back it
- Board view
- In advanced discussions; Latest Proposal under consideration; no certainty of a firm offer
- Irrevocables
- Cevian: 57,249,896 shares, c.23%; lapses if no recommended Rule 2.7 announcement by 5pm 31 October 2026
- Timetable
- RHIM must announce a firm offer or walk away by 5pm on 27 October 2026 (extendable with Panel consent)
- Offer
- 470p cash plus c.0.028 new RHIM shares per Vesuvius share; mix and match facility; cash funded by new debt facilities
- Headline value
- 549p per share at 28 September 2026; c.47% premium to close, c.48% to 1-month VWAP, c.38% to 3-month VWAP
What comes next
RHIM firm offer (Rule 2.7) or walk away (27 Oct 2026).
From the company's own announcements. Not investment advice.
Briefing Pro
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