Tod's jumps onto the stock market (+18% to 42.9 euros) and aligns itself with the price of 43 euros at which the LCatterton fund intends to promote the takeover bid, demonstrating the confidence that Piazza Affari has in the success of the operation and in the fact that there will be few shareholders who choose not to participate, with the risk of remaining shareholders of a non-listed company or of obtaining, if they opt for withdrawal, less than the 43 euros put on the table by the English fund.
The Della Valle family, which has entered into an agreement with LCatterton and Delphine, Bernard Arnault's personal holding, this time is sure not to fail the delisting objective as, even if the threshold of 90% of the capital is not reached, it will promote, by mutual agreement with its allies, the merger of Tod's into the unlisted vehicle that will launch the offer.
The shareholding in the hands of Della Valle and his allies, we read in the press release on the offer, "will be such as to ensure that the latter will be able to express a sufficient number of votes in the extraordinary meeting" of Tod's to approve the merger" considering that the deliberative quorum "is equal to 2/3 of the capital with voting rights" present at the meeting.
"Compared to the previous offer we believe that the threat of the merger is now more credible as the majority shareholder and also the minority shareholder (Delphine, ed.) have committed to the offeror (L Catterton, ed.) to vote in favor of the same ", the Equita analysts note.
"This time", unlike the failed takeover bid in 2022, "there is no minimum threshold" and in the event that 90% of the capital necessary to push the delisting is not reached, Tod's "will be merged into the unlisted vehicle," forcing minorities to leave" through the withdrawal exercise which - warn the Intermonte analysts - "will be less than 43 euros".
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