KKCG's Offer for Ferretti Witnesses Lukewarm Response, Questions Company Leadership and Valuation

KKCG Maritime discovered the perils of a hasty gamble when their bid to secure a portion of Ferretti, the top-notch yacht designer, met a surprisingly muted response. The sheer lack of shareholder involvement in their offer borders on desertion. As per disclosures submitted to the Hong Kong Stock Exchange, only 2,000 shares were tendered in favour of the deal, making up a minuscule 0.003836% of the desired 52,132,861 shares. With only eight trading days elapsed in the period running until 13th April, the proposal has already found itself hanging in the doldrums.

In its audacious counter to the board’s decision, KKCG questioned the board’s intentions and the overall governance of Ferretti. They argue that Ferretti’s board is not impartial; out of the six directors who recommended rejecting the offer, four were nominees of Ferretti International Holding, who had publicly expressed their opposition to the offer.

KKCG also raised objections regarding the valuation calculations for Ferretti, highlighting the comparison with companies bearing different business models, scales, and geographic concentration, which therefore skewed the comparison. They argue that the €3.50 price, a 21.3% premium over December 2025’s €2.89 valuation, should remain the benchmark. Even Altus confessed that the offer was competitive if viewed alongside Ferretti’s historic trading prices. The most convincing argument for rejecting the offer, however, comes from the fact that Ferretti shares have consistently traded over the KKCG proposed price of €3.50. Regardless of who comes out on top, the drama around this acquisition deal ensures that the world of yacht companies is not to be underestimated.