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The Tod's group will withdraw from the Milan Stock Exchange on May 8

MILAN – Mission accomplished. Tod's will be delisted from the Milan Stock Exchange at the close of trading on May 8.

On Friday evening, the Italian luxury group announced that the voluntary totalitarian takeover bid for the shares of Tod's promoted by Crown Bidco Srl, a subsidiary of L Catterton, had reached an overall participation above 90 percent of the share capital , the threshold necessary for radiation.

As reported, the Italian stock market watchdog, Consob, gave the green light to the takeover bid in March, which began on March 25.

Crown Bidco revealed in February that it was seeking to acquire 36 percent of Todd's SpA, or nearly 13 million shares, at 43 euros per share, for approximately 512 million euros. L Catterton is supported by LVMH Moët Hennessy Louis Vuitton. The voluntary takeover offer was then launched for 27.9 percent of the group because L Catterton had in the meantime acquired additional shares, thus increasing 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.

Minority shareholder Delphine SAS, a 100% subsidiary of LVMH, has agreed not to contribute its 10% of shares on the date of delisting and will be granted governance and exit rights. The boss of Tod's, Diego Della Valle, and the boss of LVMH, Bernard Arnault, have established a relationship of several years and the former is a member of the board of directors of LVMH.

Tod's is expected to retain 54 percent of the capital, L Catterton will indirectly hold 36 percent and Delphine 10 percent.

Tod's said the delisting is considered “a precondition to ensure the continuation of the [Tod’s] future growth and consolidation programs”, allowing the group “to pursue its objectives in a market environment and a legal framework characterized by greater management and organizational flexibility, with faster decision and execution times and also benefiting from reduced management and listing costs.”

The group controls the Tod's, Roger Vivier, Hogan and Fay brands.

Last year, the group's turnover amounted to 1.12 billion euros, up 11.9% compared to 2022. At constant exchange rates, sales increased by 14%. .

This is the second time Della Valle has considered delisting the group, after a failed takeover bid in 2022, which failed to meet the 90 percent threshold.

Last month, L Catterton acquired a majority stake in beauty company Kiko Milano.

Funds managed or advised by L Catterton Management represent approximately $35 billion in investments across three multi-product platforms: private equity, credit and real estate. Founded in 1989, the group has made approximately 275 investments in some of the world's most iconic consumer brands. L Catterton, for example, took a majority stake in Etro in 2021 and holds stakes in APC, Ganni and Birkenstock.

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