(Alliance News) - Tod's Spa and L Catterton announced Saturday that the Italian listed company's majority shareholders - Diego Della Valle, Andrea Della Valle, DI.VI. Finanziaria di Diego Della Valle & C. Srl and Diego Della Valle & C. Srl - have signed a framework agreement with Crown Bidco Srl for the latter's purchase of 11.9 million shares at EUR43.00 each, equal to 46 percent of the share capital, aimed at delisting from the Italian stock exchange.

Crown Bidco's share capital is wholly owned by LC10 International AIV, L.P., a fund managed by affiliates of L Catterton Management Limited, which was formed through a partnership between Catterton and LVMH.

In the Tod's statement, Tod's specifies that after the takeover bid, the majority shareholders "will retain sole control of Tod's" with 54 percent, L Catterton will become the indirect owner of 36 percent of the share capital, and the minority shareholder Delphine Sas-a wholly owned subsidiary of LVMH-will remain at 10 percent.

The parties also agreed to sign a shareholders' agreement under which representation on the issuer's board of directors and other additional governance rights will be granted.

Should the conditions for delisting not be met at the end of the acceptance period, the company specified in the statement, the parties undertook "to do everything possible to complete the merger by incorporation of the issuer into the offeror aimed at delisting."

This is the second attempted takeover bid aimed at delisting. The first was in 2022 and had been withdrawn by the company at the end of that year.

Tod's stock closed Friday up 0.1 percent at EUR36.36 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.