Ynap – Yoox Net-à-porter – takes off in Milan where it runs with a 24,45% increase to 37,66 euros. At 10:17 on Monday, the stock almost reached the price of 38 proposed by the main shareholder Richemont for a total takeover bid aimed at delisting the company.
With the Stock Exchange still closed, Richemont has in fact launched a public purchase offer on 100% of the share capital at 38 euros per share, equal to a premium of 25,6% on Friday's stock market closing, valuing the leading e-commerce company in the luxury sector more than 5 billion euros.
The founder and CEO Federico Marchetti has already committed to handing over his stake and has declared his intention to maintain his commitment in the company destined to be delisted. “Today is a memorable moment for the company. Ynap will continue – said Marchetti – to be managed as a separate company and the headquarters will remain in Italy”. “As Richemont stated – Marchetti continues to speak – the rationale for the operation is to invest additional resources with the aim of accelerating Ynap's solid growth path and strengthening its long-term leadership position in the online luxury sector. This will translate into greater investments in product, technology, logistics, people and marketing”.
After an initial difficulty in pricing, the stock rose without interruption until it almost reached the value of the tender offer.
The maximum consideration for the offer launched on 75% of ordinary share capital is 2,69 billion, which rises to 2,77 in the event of exercise of existing stock options.
Marchetti, founder of Yoox and creator of the integration with Net-a-Porter, underlined in a tweet that the offer values the company at 5,3 billion euros. Yoox was listed in 2009 at 4 euros per share. “Almost 20 years after inventing Yoox, I am increasingly fascinated by the magic of Ynap. The prospect of no longer owning 4% of the share capital in no way changes my entrepreneurial commitment. My motivation has always been to dream and innovate for our customers and this will not change in the years to come”.
Marchetti holds 4% of the group's total capital and 5,7% of ordinary capital.
