MILANO – Tod’s is also planning his farewell to Piazza Affari. The Della Valle family has announced the launch of a takeover bid to withdraw Tod’s from the market and does so at the same price, 40 euros per share, as the placement that dates back to 2000. For years Diego Della Valle try to raise the title by announcing marketing operations, such as the entry of Chiara Ferragni in the board of directors, or by embarking significant shareholders such as LVMH in the capital, but given that investors continue to snub the Sant’Elpidio a Mare company, the group has decided to promote an offer on 25.5% which is floating. The offer incorporates a premium of 20.4% on closing prices, and aims to reach 90% of the capital and therefore say goodbye to Piazza Affari after 22 years of relationships that are not always idyllic. In the morning, the stock rose 21%, just above the offer price.
This is another Made in Italy company that is leaving, because the stock market for medium-sized luxury companies has not often been generous: with exceptions such as Moncler and Cucinelli, there are many local brands that have struggled to make investors understand their true value. Even if the prize offered by the Della Valle is not very high, it is likely that the offer will be successful because the analyst targets on Tod’s are not very flattering, and Della Valle’s relationship with the market has not always been easy.
The goal, reads a note, is to “accelerate the development of Tod’s” and the individual brands, and Della Valle is convinced that Roger Vivier, Fay, Hogan and Tod’s itself are worth much more than the market. ever recognized him (1.32 billion yesterday before the offer). After all, only the brand Tom Ford in these hours, it is about to be taken over by Estee Lauder for 3 billion dollars, in 2015 Tod’s itself had acquired the Vivier brand from the Della Valle family, paying for it 415 million. An idea that the entrepreneur shared with Bernard Arnaultwhich through Delphine sas (LVMH group) will remain a 10% shareholder of the Marche group.
“Through this strategy – continues the press release – we intend to strengthen the positioning of the brands in the upper part of the quality and luxury market, with a high level of desirability. The pursuit of these medium and long-term objectives would be less easy while maintaining their status. of a listed company, given the limitations deriving from the need to report results subject to short-term checks “.