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The Della Valle family’s takeover bid for Tod’s has failed. The share price of the latter fell on the stock exchange.
The proposed takeover of Tod’s by the Della Valle family has failed, causing the share price to fall. At the close of the stock exchange in Piazza Affari, the decline was 19.44% to 31.9 euros per share, after reaching the lowest of the session at 31.2 euros.
A postponed project
According to the provisional results, the takeover bid for 25.5% of Tod’s has received acceptances for less than half of the shares offered. The financial vehicle DeVa Finance, owned by the Della Valle family, has indicated that it has obtained 86.95% of Tod’s capital at the end of its bid, which is less than the 90% targeted. “We note that part of the market considered that the offer was below its expectations,” said a note from Deva Finance. The family’s takeover bid valued Tod’s at 1.32 billion euros.
Last August, the family of chairman and CEO Diego Della Valle, had indicated that it was offering 40 euros per share to buy 25.55% of the company’s capital and thus increase its stake to 90%. The family then wanted to delist the company, with LVMH retaining its 10% stake in the company.
The French luxury group had increased its presence in Tod’s from 3.2% to 10% by 2021. Shortly after, Diego Della Valle had said he would be willing to sell additional shares to LVMH, of which he has been a director for 20 years.
“Our decision to launch the offer was determined by the fact that we intended, with a very precise industrial strategy, to increase the value of the group in the medium term (…) The price we proposed was calculated taking into account future plans and precise strategies; therefore, from the beginning, we never mentioned, nor gave any openings for a modification of it.” comments DeVa Finance.
The decision to aim for delisting, 22 years after its inception, aims to have greater freedom of action in a strategy that will now focus on “strengthening the positioning of the Tod’s, Hogan, Roger Vivier and Fay brands, in the high-end of the quality and luxury market, with a high level of desirability,” explains the Della Valle family.
Read also > Tod’s sales increase
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The Della Valle family’s takeover bid for Tod’s has failed. The share price of the latter fell on the stock exchange.
The proposed takeover of Tod’s by the Della Valle family has failed, causing the share price to fall. At the close of the stock exchange in Piazza Affari, the decline was 19.44% to 31.9 euros per share, after reaching the lowest of the session at 31.2 euros.
A postponed project
According to the provisional results, the takeover bid for 25.5% of Tod’s has received acceptances for less than half of the shares offered. The financial vehicle DeVa Finance, owned by the Della Valle family, has indicated that it has obtained 86.95% of Tod’s capital at the end of its bid, which is less than the 90% targeted. “We note that part of the market considered that the offer was below its expectations,” said a note from Deva Finance. The family’s takeover bid valued Tod’s at 1.32 billion euros.
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The Della Valle family’s takeover bid for Tod’s has failed. The share price of the latter fell on the stock exchange.
The proposed takeover of Tod’s by the Della Valle family has failed, causing the share price to fall. At the close of the stock exchange in Piazza Affari, the decline was 19.44% to 31.9 euros per share, after reaching the lowest of the session at 31.2 euros.
A postponed project
According to the provisional results, the takeover bid for 25.5% of Tod’s has received acceptances for less than half of the shares offered. The financial vehicle DeVa Finance, owned by the Della Valle family, has indicated that it has obtained 86.95% of Tod’s capital at the end of its bid, which is less than the 90% targeted. “We note that part of the market considered that the offer was below its expectations,” said a note from Deva Finance. The family’s takeover bid valued Tod’s at 1.32 billion euros.
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