ICOP has raised the consideration for its exchange offer on Trevi to 0.165 ICOP shares for each Trevi share, 24.1% above the initial 0.133 ratio. The tender period has been extended to 20 November 2026.
Key figures
- 0.165 ICOP shares for each Trevi share tendered
- 24.1% increase from the initial 0.133 ratio
- €5.165 implied value using ICOP’s 26 June 2026 price
- €5.049 illustrative value using ICOP’s 25 September price
- 20 November 2026 at 5:30 p.m. new tender deadline
- 10,820,406 new ICOP shares if all Trevi shares are tendered
The revised offer
ICOP’s board approved the revision of the voluntary total exchange offer on 25 September. Based on the 26 June reference price, the new ratio implies €5.165 per Trevi share, which ICOP says is 14.8% above Webuild’s competing €4.50 cash offer. The actual value remains variable because the consideration is entirely in ICOP shares.
Using ICOP’s 25 September reference price, the illustrative value was €5.049 per Trevi share, 4.4% above Trevi’s reference price for the same session. The deadline has been aligned with Webuild’s competing offer.
Transaction structure
Full acceptance would result in the issue of 10,820,406 new ICOP shares, about 25% of fully diluted capital. ICOP describes a combined group with more than €1 billion of 2025 pro-forma revenue and a backlog above €2.2 billion, with run-rate synergies estimated at €120–140 million of additional annual revenue and €55–75 million of EBITDA.
The companies
ICOP operates in underground engineering, special foundations, microtunnelling and maritime works. Trevi is an international specialist in underground engineering and special foundations.
Primary source: ICOP – Revision of the Trevi exchange offer and increase in consideration, 25 September 2026.