The Della Valle family launches a voluntary takeover bid on Tod’s shares. The offered price corresponds to 40 euros per share (premium of 20.4% on yesterday’s closing price). The offer is aimed at acquiring 25.55% of the Company’s shares, to reach 90% and, consequently, at obtaining the delisting.
The Della Valle family has decided to make “a large investment” in the Tod’s Group to accelerate its development. The goal, reads a note, “is to enhance the individual brands owned by the Company, giving them strong individual visibility and great operational autonomy”. Through this strategy, 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.
In the press release, it is explained that “the pursuit of the period would be less easy to maintain the status of these listed companies, given the consequences deriving from the need to report results subject to short-term checks”. Therefore, the Della Valle family is determined “to promote and support this project, aware of the quality of the Group’s brands, the quality of its managerial structure and the proven competence and experience of its craftsmen”.
With reference to the stake held by Delphine SAS (LVMH Group), the note specifies that «it will remain in the capital of Tod’s, with the stake currently held (10%)».