Lvmh's mandatory takeover bid on Bulgari shares has been completed. At the close of the offer, 92,09% of the securities offered, 31,31% of Bulgari's share capital, were tendered. The value of the package is 1,340 billion euro. Following the takeover bid, Lvmh will control 98,09 of the share capital of maison.
The payment of the consideration, 12,25 euros for each share, and the transfer of ownership of the shares will take place on 28 September. Lvmh will exercise the right to purchase, for the same price, all the shares not tendered in the offer, equal to 1,91 of the share capital. On 3 October, Lvmh will deposit the sum necessary for the joint procedure, from 4 October the transfer of ownership of the shares will become effective. The Borsa Italiana will delist the shares from 4 October 2011, and the stock will be suspended in the trading sessions of 29 and 30 September and 3 October 2011.
