MILAN – Mission accomplished. Tod’s will delist from the Milan Stock Exchange at the end of trading on May 8.
On Friday evening, the Italian luxury group reported that the voluntary totalitarian tender offer of Tod’s shares promoted by Crown Bidco S.r.l., an L Catterton affiliate, had reached an aggregate stake greater than 90 percent of the share capital, the threshold necessary for the delisting.
As reported, Italy’s Bourse watchdog Consob in March gave the green light to the tender offer, which kicked off March 25.
Crown Bidco in February revealed it was looking to acquire 36 percent of Tod’s SpA, or almost 13 million shares, at 43 euros a share, for about 512 million euros. L Catterton is backed by LVMH Moët Hennessy Louis Vuitton. The voluntary tender offer was then launched for 27.9 percent of the group because L Catterton in the meantime had acquired additional shares, raising its stake to 7.9 percent of Tod’s. As a result, the value of the offer is now expected to amount to 398 million euros.
Minority shareholder Delphine SAS, a fully owned subsidiary of LVMH, has agreed not to tender its 10 percent of shares on the date of the delisting, and will be granted governance and exit rights. Tod’s chief Diego Della Valle and LVMH chief Bernard Arnault have built a years-long relationship and the…
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