The takeover bid launched by Richemont on Yoox Net to Porter ended successfully yesterday. This was communicated by the Swiss luxury company which currently owns 94,99% of the ordinary shares of Ynap.
On the basis of the provisional data provided by Banca Imi, the shares of Ynap tendered in acceptance of the offer were 64.932.769 (69,996% of the share capital and 93,322% of the shares involved in the tender offer) to which are added 23.187.386 of shares already held by Richemont, with a total of 88.120.155 shares equal to 94,991% of the ordinary share capital of Ynap. We recall that Richemont already controlled 24,97% of the Italian company and concerned the remaining 75,03% of the capital.
Therefore, "the condition of a minimum membership level has been fulfilled and the threshold of 90% of the ordinary share capital of Ynap has been exceeded". The final results will be announced on 17 May 2018.
At this point, all that remains is to proceed with the obligatory purchase of the remaining 5% – which it will bring the Swiss to 100% of the capital of Yoox Net to Porter – to then proceed with the announced delisting of the title from the Ftse Mib. On the basis of what was previously established, in fact, if Richemont had reached at least 90% the shares would have been removed from Piazza Affari.
After nine years – Yoox made its debut on the Milan Stock Exchange on 3 December 2009 at a price of 5,3 euros per share – the Italian luxury company is leaving Piazza Affari. Today the shares are worth a good 37,09 euros.
Finally, according to what was communicated, Federico Marchetti, founder and CEO of the company will continue to manage the company even after the "move to Switzerland".
“Yoox Net-a-Porter powered by Richemont will be truly unbeatable. Our well-established history of growth has made us number one in online luxury. Together with Richemont, we will invest even more in product, technology, logistics, people and marketing. We will accelerate our global growth and ensure Ynap's leadership over the long term. We started our business before anyone else believed in bringing luxury online. I am proud of what we have built in almost two decades. It was a journey fueled by the creativity and courage of so many people. The journey continues and will be truly exciting”, Marchetti said this morning, commenting on the positive closing of the takeover bid.
