Italian premium brand Tod’s to withdraw from the Milan Stock Exchange

Tod’s, an Italian designer shoe brand, is set to leave the Milan Stock Exchange and become private, with LVMH backing it

Famous Italian designer shoe brand Tod’s is preparing to leave the Milan Stock Exchange and become private. With the backing of luxury conglomerate LVMH and its owner, Bernard Arnault, this significant action coincides with a strategic agreement signed with heavyweight in private equity L Catterton. 

As per the conditions of the agreement reached with the Della Valle family, Tod’s primary owners, L Catterton will launch a tender offer to obtain 36% of the company’s share capital, valued at 43 euros per share, or an astounding 512.2 million euros. The closing price of the previous day was closed at a remarkable 17.6% premium above this offer.

As to the official announcement issued by Tod’s, the agreement specifies that the Della Valle family would maintain a 54% controlling interest in the business, with L Catterton expected to take over 36 %, while LVMH will maintain its current 10% ownership.

Source: AFP