Blackstone, Benettons Bid for Atlantia in $21 Billion Deal (3)

The Benetton family and Blackstone Inc. offered to buy out Atlantia SpA in a deal valuing the Italian highway operator at 19 billion euros ($20.7 billion).

Atlantia investors will receive 23 euros a share in cash, the U.S. buyout giant and the billionaire clan said Thursday. That’s 24% higher than Atlantia’s close on April 5, the day before Bloomberg News first reported on approaches to the company.

The stock rose as much as 5.8% to 23.15 euros in Milan. Shareholders will still receive a proposed dividend of 74 cents in May, which won’t affect the offer price.

The deal values ...