Diego Della Valle and Andrea Della Valle
together with the private equity fund L Catterton launch a new totalitarian takeover bid for the
delisting of Tod's from Piazza Affar
.
The offer at 43 euros - it is announced - provides that the majority shareholders will maintain control of the group.
"The offeror - it is explained - will promote a voluntary public takeover offer pursuant to articles 102 et seq. of the TUF (the "Offer") for a consideration equal to €43.00 per share aimed at acquiring a maximum no. 11,913,128 ordinary shares of Tod's (the "Shares Subject of the Offer") representing 36% of the Issuer's share capital (excluding any treasury shares held by the Issuer) and to obtain the delisting of Tod's ordinary shares and from trading on Euronext Milan ("EXM"), a regulated market organized and managed by Borsa Italiana SpA ("Delisting")".
In the event of a successful takeover bid - it is further explained - the majority shareholders will be left with 54% of the share capital.
L Catterton will become the indirect owner of 36% and Delphine, a minority shareholder, will receive 10%.
Furthermore, the offer implies a premium of 17.59% on Friday's stock market price.
Diego Della Valle, president and CEO of Tod's says he is "very satisfied" with the announced operation of a total takeover bid, explaining that "it will bring further benefits to the future development of the Tod's Group, a development made up of continuous investments and challenging objectives" .
"At this moment - he adds - leaving the stock exchange, with which we have always had excellent relationships, we believe is the most strategically suitable choice. Sharing this path with L Catterton, world leading private equity in the consumer goods sector, will give us the opportunity to develop further."
For Michael Chu, co-CEO of L. Catterton, "the Tod's Group is synonymous with luxury, quality and craftsmanship and embodies the Italian style that the Della Valle family has been able to perfectly represent for almost a century. It is an honor to join the family Della Valle in this important path of development of the Company".
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