Tod’s delisting operation kicked off on Monday, September 26. Until October 25, holders of shares in the Marches-based group can take part in the takeover bid (Offerta Pubblica d’Acquisto) launched by DeVa Finance, a company controlled by Di.Vi. and traceable to Diego Della Valle. Value: 40 euros per share, for a maximum consideration of approximately 338 million euros. Meanwhile, on the retail front, Tod’s will leave one of its flagship shops, the one in Galleria Vittorio Emanuele in Milan. A coveted location: it is no coincidence that the auction of new suitors was immediately ignited.
The day of the takeover bid
On September 23, Consob approved the takeover bid with which the Della Valle family intends to rake in the stock on the market, in order to own 90% of the share capital of the Tod’s group. The other 10% is held by LVMH. The offer is 40 euros per share. If everything goes smoothly, by the end of October, Tod’s stock will disappear from Milan Stock Exchange. Il Sole 24 Ore reports that the financial requirements for the operation came from a medium-term loan of 420 million euros provided by a pool of banks formed by BNL BNP Paribas, Crédit Agricole and Deutsche Bank. As collateral for this, Di.Vi pledged 49% of Tod’s Group.
In addition to the delisting of the stock, Della Valle’s ultimate goal is to valorise the individual brands (Tod’s, Roger Vivier, Hogan and Fay) also through the establishment of 4 individual companies: one per brand. Another curiosity is reported by Corriere della Sera. New York-based activist fund Tabor Asset Management (a shareholder with 0.4%) sent a letter asking Tod’s board “to talk to DeVa in order to obtain an increase in the offer price”.
Farewell to the Galleria
While it is leaving the stock exchange, Tod’s is also exiting Milan’s Galleria Vittorio Emanuele and an auction is being held. According to La Repubblica, the space that Tod’s is preparing to leave has been divided into two lots. The first, of 188 square metres, is contested by Loro Piana, Samsonite, Damiani, Swarovski, John Richmond and Chanel. This auction will be awarded to the highest bidder starting from a minimum fee of 545,000 euros. The second lot, of 126 square metres, will instead see Sartoria Rossi and Damiani competing. Starting base 365,000 euro.