L Catterton's tender offer on Tod's stock will kick off on March 25 and run until the end of trading on May 8.
SpA, or almost 13 million shares, at 43 euros a share, for about 512 million euros. L Catterton is backed by Moët Hennessy Louis Vuitton. On Friday, it was disclosed that the voluntary tender offer is being launched for 27.9 percent of the group because L Catterton in the meantime has 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.
Tod’s has said that the delisting is seen as “a precondition to ensure the pursuit of future growth programs and consolidation,” allowing the group “to pursue its objectives in a market environment and legal framework characterized by greater management and organizational flexibility, with faster decision-making and execution times and also benefiting from reduced management and listing costs.”
This is the second time Della Valle has attempted to delist the group, after a failed tender offer in 2022, which The Tod’s Group reported a strong performance in the 12 months ended Dec. 31, with net profit of 50 million euros, compared with 23.1 million euros in 2022, on the back of revenues that rose 11.9 percent to 1.12 billion euros. This compared with 1 billion euros in 2022.Hogan revenues rose 9.3 percent to 214.2 million euros and Fay climbed 13.2 percent to 60.4 million euros.Sales of leather goods and accessories rose 16.6 percent to 187.3 million euros and apparel was up 16.7 percent to 79.
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