Takeover bid on Tod’s fails, Della Valle renounces delisting

Takeover bid on Tod's fails, Della Valle renounces delisting

The Della Valle family gave up on Tod’s delisting because the takeover bid came close to, but did not reach its target. “Those who did not sell the shares feel the same way as we do,” is the summary of a statement by DeVa Finance (a company indirectly controlled by Diego Della Valle, in the Imagoeconomica photo) and promoter of the operation. The takeover bid closed on October 25 and brought the Della Valle family to 86.95% of the Tod’s group capital. The target was 90%. According to analysts, the problem encountered by the operation is that, during the month in which the takeover bid remained valid, Tod’s share price always remained above 40 euros. Which was the value offered by Della Valle. While the delisting from Piazza Affari didn’t close as expected, “the plans go ahead,” Della Valle commented.

Della Valle renounces delisting

The takeover bid launched in August by DeVa Finance on 25.5% of Tod’s capital, ended on October 25. This offer envisaged the purchase of the shares on the market at 40 euros, for a total of 338 million euros. The aim was the delisting of Tod’s shares from Piazza Affari. Between the shares already owned and those coming from the takeover bid, the Della Valle family arrived at 86.95 per cent of the capital, and not the target 90%.

The shares will be returned

During the month in which the OPA remained valid, Tod’s stock never fell below 40 euro, except on the last day. The market did not exclude a relaunch by the Della Valle family, however, they did not continued on the path and apparently they will not be trying anymore. DeVa Finance thus gives up on the takeover bid. The shares sold will be returned, without charge, to those who sold them.

We are in agreement with those who did not sell

“We take note that part of the market has considered the offer we made to be lower than its expectations, considering the value of the Tod’s group to be higher than that currently expressed on the stock exchange,” reads the DeVa Finance statement. “This means that those who have decided to keep their stocks, share our vision and its execution. Therefore, starting tomorrow, we will all work to achieve, within the necessary timeframe, the realization of an operation that we hope and wish will be a great success,” the Della Valle family stated.


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