Diego Della Valle and Andrea Della Valle together with the private equity fund L Catterton, controlled by Bernard Arnault’s LVMH, launch a new totalitarian takeover bid for the delisting of Tod’s from Piazza Affar. The offer at 43 euros – it is announced – provides that the majority shareholders will maintain control of the group.
The offer for shareholders incorporates a premium of 17.59% compared to last Friday’s closing at 36.4 euros (+20.58% compared to the average of the last 12 months) for a total value of the operation of 512 million EUR. «I am very satisfied with this operation which will bring further benefits to the future development of the Tod’s group, a development made up of continuous investments and challenging objectives», writes Diego Della Valle, number one of the Marche group which has exceeded one billion in turnover, in a note .
Currently, the Della Valle family has 64% of Tod’s, while LVMH controls 10% of the capital. If the deal is successful, the founders will retain 54%, while the rest will go to the L Catterton fund.
«Sharing this path with L Catterton, a world-leading private equity firm in the consumer goods sector, will give us the opportunity to develop further and seize the opportunities that the market will offer» adds Della Valle.
For Michael Chu, co-founder of L Catterton «the Tod’s group is synonymous with luxury, quality and craftsmanship and embodies the Italian style that the Della Valle family has been able to perfectly represent for almost a century. It is an honor to join the Della Valle family in this important path of development for the company.”