MILAN, Feb 11 — Italy’s luxury shoemaker Tod’s will delist from the Milan stock exchange and go private under a deal with private equity fund L Catterton, backed by LVMH and owner Bernard Arnault.
Under the terms of deal agreed with the Della Valle family, Tod’s majority shareholder, L Catterton will launch a tender offer to acquire 36 per cent of the company’s share capital at €43 (RM220) per share, for a total of €512.2 million.
That represents a premium of 17.6 per cent over Friday’s closing price.
Under the deal, the Della Valle family will hold 54 per cent of shares, L Catterton will control 36 per cent and LVMH will retain its current 10 per cent stake, according to a press release issued by Tod’s.
“Exiting the stock market... seems to us to be the most appropriate choice from a strategic point of view”, said Tod’s CEO Diego Della Valle.
A first attempt to delist Tod’s failed in October 2022, when a bid launched by the Della Valle family failed to reach the necessary 90 per cent threshold.
Owned by the family since its founding in 1978, the Tod’s Group, known for its leather loafers, saw its sales rise by 11.9 per cent to €1.12 billion in 2023.
In addition to Tod’s, the group owns the Hogan and Roger Vivier brands. — AFP