(Finance) – The takeover bid (OPA) voluntary totalitarian promoted by DeVa Finance (a company indirectly controlled by Diego Della Valle) on the shares Tod’sItalian luxury house listed on Euronext Milan, non reaches the 90% efficacy threshold for the transaction aimed at delisting.
Considering the 24,639,812 shares held by the Della Valle family and by LVMH (acting in concert with the Italian family), representing 74.45% of the share capital, and the 4,134,358 shares brought as part of the takeover bid, the total stops at 86.95% of the share capital, according to Finance’s calculations. The offer concerned a maximum of 8,453,727 shares, representing 25.55% of the share capital.
The Della Valle family had however declared that they could proceed with the delisting by Tod’s by merger in DeVa Finance within six months of the closing of the takeover bid.
In this case, the shareholder Tod’s would be awarded a right of withdrawal equal to the average of the prices in the six months prior to the call of the shareholders’ meeting called to approve the merger, or reasonably a withdrawal price of less than the 40 euros offered in the takeover bid. The shareholder may also decide to stay holder of a minority stake in a company that is no longer listed.