Exor, a holding company, incorporated in the Netherlands and controlled by the Italian Agnelli family, launched a mandatory tender offer to acquire all remaining shares in GEDI, an Italian media conglomerate, at a €233m ($252m) valuation. "With this transaction we're committing to a rigorous entrepreneurial project in support of GEDI as it addresses its future challenges. In addition to applying our media sector experience, also at an international level, EXOR will ensure the stability needed to accelerate the necessary technological and structural transformation," John Elkann, Exor Chairman and CEO. Exor raised a stake in GEDI to 92.03% on July 1, 2020.