Tod’s, Della Valle family launches takeover bid and bid farewell to Piazza Affari

The goal is to enhance the individual brands of the Group (Tod’s, Roger Vivier, Hogan and Fay), giving them “strong individual visibility and great operational autonomy”

Tod’s towards the farewell to Piazza Affari. The Della Valle family has announced the launch of a voluntary takeover bid aimed at acquiring all of Tod’s ordinary shares and obtaining the revocation of the shares from listing on Euronext Milan. Deva Finance, a company wholly owned by Difi Finanziaria di Diego Della Valle & C. and indirectly controlled by Diego Della Valle, will pay 40 euros for each share tendered on the 25.55% of the capital not yet held, equal to 8,453,727 actions. The takeover bid excludes Lvmh’s share (10% of the share capital and 8% of the voting rights, which is not the subject of the offer).

The goal, the family said, “is to enhance the individual brands of the Group (Tod’s, Roger Vivier, Hogan and Fay), giving them strong individual visibility and great operational autonomy.” explains in the note accompanying the offer – the intention is to strengthen the positioning of the brands “in the upper part of the quality and luxury market, with a high level of desirability.” The Della Valle family believes that the pursuit of these medium and long term is “less easy” while maintaining the status of listed company, “with the limitations deriving from the need to obtain results in any case subject to short-term verifications”. Consequently, the Della Valle family is determined to promote and support this project, ” aware of the quality of the Group’s managerial structure and of the proven competence and experience of its craftsmen ”.

The effectiveness of the offer is subject to the achievement of a stake of more than 90%. The maximum disbursement in the event of full acceptance of the offer by all the holders of the shares will be equal to 338,149,080 euros. In particular, the offer will be financed by Divi, the bidder’s sole shareholder, through capital payments or increases in the bidder’s capital. In turn, Divi will resort to taking out a medium-term bank loan. The period of acceptance of the offer will be agreed with Borsa Italiana in compliance with the established terms and will have a duration of between a minimum of 15 and a maximum of 40 trading days, except for extensions or any reopening of the terms.

Tod’s shares did not open on the stock market this morning, immediately aligning themselves with the value of the takeover bid launched by the Della Valle family. Yesterday the stock closed at € 33.42 per share with a drop of 3.02%. Returning to trading, the stock then traded at € 40.64 with a rise of 21.60%. Tod’s reached its maximum this year on January 5th, reaching 51.30 euros per share.