MILANO – Except for hitches, 22 years after having landed in Piazza Affari Tod’s is preparing to greet the list by the end of the year. In fact, from the prospectus approved yesterday by Consob it emerges that the 20 period of acceptance of the offer, agreed with Borsa Italiana, will start on 26 September and will end at 17:30 on 25 October 2022, and will therefore be equal to 22 trading days. .
Il 25 October 2022 is therefore the last day to subscribe to the offer, except for extensions of the subscription period and without prejudice to any reopening of the terms. On the third day following the end of the subscription period, i.e. October 28, the Della Valle family that through Deva Finance promotes the takeover bid aimed at delisting will pay each participant in the offer a cash consideration equal to 40 euroto be understood as inclusive of the coupons relating to any dividends distributed by Tod’s – for each share tendered in acceptance of the offer.
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To launch the offer, the Della Valle have asked for a 420 million loan of euro – disbursed by Bnl, Credit Agricole and Deutsche Bank – to Deva Finance srl, in turn held by di.Vi, a financial company which is indirectly controlled by Diego Della Valle. As a guarantee for the loss, 49% of the fashion group pledged you to the pool of institutes. Furthermore, if the takeover bid does not reach 90% of Tod’s capital, the objective is in any case to “achieve the delisting through the merger”. It should be noted that the loan requested is 82 million higher than the maximum amount of the takeover bid which is equivalent to a consideration of 338 million.
Among the objectives of the operation is that of enhancing the individual brands of the group starting from the Tod’s flagship and continuing with Roger Vivier, Hogan e Fay, “Giving them strong individual visibility and great operational autonomy”. A strategy that will be pursued “also through the creation of several ad hoc companies, in each of which to concentrate the activities of the individual brands”. An operation, this of dividing into four, which on the one hand could “reflect on the accounts, in the short term”, but on the other hand it would allow the family to better value the price and the DNA of each one, by the way there are those who do not evade future sales or quotations of individual brands.
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The Tod’s CD yesterday unanimously approved the value of the offer, that is 40 euros which is the same as the placement that dates back to 2000, but the director Chiara Ferragni it was absent and therefore did not comment on the “congruity” of the price. It is underway there Milano Fashion Weekfor which the digital entrepreneur will probably have had a progressive commitment, having said this after the controversies that have arisen because having had occasional collaborations and received remuneration from Tod’s, Ferragni has lost the requisites of independence on the board, not having voted in favor of operation will not even incur the usual criticisms that often mount on social media, especially since the board of directors has expressed itself unanimously.