Tod's enters trading on the stock exchange and gains 17.4% to 42.7 euros,
below the takeover bid price set at 43 euros per share.
The offer launched by Crown Bidco, a company wholly owned by a private fund managed by an affiliate of L Catterton Management Limited, concerns 36% of the capital of Tod's at a price of 43 euros per share, with a premium of 17.59 % which sets the value of the operation at 512 million euros.
Diego Della Valle tries again.
It launches a new takeover bid for Tod's, after the failed one in 2022, but this time on the strength of an agreement with the L Catterton private equity fund controlled by the LVMH group, the global luxury giant LVMH led by Bernard Arnault.
The objective of the founder and number one of the Marche group, in agreement with his brother Andrea, is to say goodbye to Piazza Affari.
"At this moment - he explains - leaving the stock exchange, with which we have always had excellent relations, we believe is the most strategically suitable choice".
A price of 43 euros per share was identified for the offer, with a premium of 17.59% which sets the value of the operation at 512 million euros.
On the basis of the agreement with the French, if the takeover bid were to be concluded successfully, the Della Valle family's share in Tod's would fall from 64% to 54%, while the L Catterton fund would rise to 36%.
Therefore the majority shareholders would remain in control of Tod's, while the minority shareholder Delphine would receive 10%.
Della Valle, who is president and CEO of Tod's, said he was "very satisfied", explaining that the operation "will bring further benefits to the future development of the Group, a development made up of continuous investments and challenging objectives".
And as regards the exit from Piazza Affari, the entrepreneur from the Marche underlines that "sharing this path with L Catterton, world leading private equity in the consumer goods sector, will give us the opportunity to develop further and seize the opportunities that the market will offer".
For his part, Michael Chu, co-CEO of L. Catterton, recalls how "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 a "It's an honor - added Chu - to join the Della Valle family in this important path of development for the company".
The certainty is that this time, in a much more solid framework and with LVMH in the game, the operation is destined to be successful.
In August 2022 this was not the case, and the offer launched by Della Valle alone at the price of 40 euros per share failed due to failure to reach the necessary membership threshold.
But with the friendly takeover bid announced in these hours, even if the threshold is not reached, the farewell to the stock exchange will be possible.
And this, according to the agreement reached with the L Catterton fund, thanks to the merger with the provider.
Tod's, a company specialized in the production of luxury footwear, clothing and accessories, recorded revenues of over one billion euros in 2023, an increase compared to the previous year and with all the group's brands - from Hogan to Fay - clearly growth.
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