Tod’s Group will be delisted on June 7, but trading of shares will be suspended during the two prior days, which means the last day of trading will be June 4.
Italy’s watchdog Consob on Thursday evening gave a green light to the squeeze-out at 43 euros per share.
Earlier this month, the Italian luxury group reported that the tender offer of Tod’s shares promoted by Crown Bidco Srl, an L Catterton affiliate, had reached an aggregate stake greater than 90 percent of the share capital, the threshold necessary for the company’s delisting. The tender offer spanned from March 25 to May 8.
Commenting on the performance of the group in the first quarter, chairman and chief executive officer Diego Della Valle said the delisting came at the right time. “We made this choice to develop the full potential of our individual brands, making all the necessary investments in a timeline we deem most suitable. We have a great growth opportunity and we will try to seize it, operating with a long-term horizon. We have also decided to share this strategic decision with two global partners, who have a great experience in our sector: L Catterton and LVMH, with whom we shared our entry on the stock exchange over 20 years ago, both of whom will certainly be precious travel companions.”
Tod’s Group comprises the Tod’s, Roger Vivier, Hogan and Fay brands.
As reported, sales in the first three months of the year ended March 31 were pulled down by declines in the shoe category, a drop in revenue from Greater China and a negative foreign exchange impact in the first quarter of 2024. For the quarter, the company posted 252.3 million euros in sales, down from 270.5 million euros in the prior-year period.
Crown Bidco in February revealed it was looking to acquire 36 percent of Tod’s SpA, or almost 13 million shares, at 43 euros a share, for about 512 million euros. L Catterton is backed by LVMH Moët Hennessy Louis Vuitton. The voluntary tender offer was then launched for 27.9 percent of the group because L Catterton, in the meantime, had acquired additional shares, raising its stake to 7.9 percent of Tod’s. As a result, the value of the offer is now expected to amount to 398 million euros.