The Della Valle family launches a takeover bid for Tod’s
By Eva Morletto04 août 2022
Italian entrepreneur Diego Della Valle and his family, the main shareholders of Tod's, have announced the launch of a takeover bid for the luxury group to delist the stock from the Milan Stock Exchange (Piazza Affari).
The Della Valle family now owns 64.45% of the group and has just offered 40 euros per share, a 20.4% premium on Tuesday's closing price, as stated in a press release issued in the last few hours. The offer aims to acquire 25.55% of the brand's shares to reach 90% of the group and thus be able to withdraw from Piazza Affari.
Yesterday the share price rose by 20.71% to 40.36 euros at around 4pm, exceeding the offer price.
The Della Valle family's objective is to enhance and develop the brands they own, emphasising their strategic and operational autonomy and allowing them to increase their visibility.
The Della Valle family considers that these objectives would be difficult to achieve if Tod's were to remain a listed company. This is due to the limitations of the need to obtain results subject to short-term verification.
Diego Della Valle is the head of several luxury houses: the iconic French shoe brand Roger Vivier, loved by film and fashion stars such as Catherine Deneuve and Inès de la Fressange, but also the sports shoe label Hogan and the fashion house Fay, which specialises in the production of jackets and mackintoshes inspired by American workwear.
The participation of the giant LVMH in Tod's is currently 10%. The French group will remain in the capital and its stake will remain unchanged.
Tod's has the wind in its sails, its turnover in the first quarter of 2022 corresponded to 219.6 million euros: an increase of 23% compared to sales in the same period of 2021. Its classic and sporty style has attracted a loyal clientele from all over the world. The Della Valle family is constantly seeking to innovate the brand's image: last year, the board of directors welcomed an exceptional member: the Italian entrepreneur and influencer Chiara Ferragni. The announcement of her arrival sent the stock soaring on the Milan Stock Exchange.
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