YNAP to Delist on June 20
MILAN – Yoox Net-a-porter will delist from the Milan Stock Exchange on June 20, in the wake of the successful takeover bid by Compagnie Financière Richemont SA. Borsa Italiana will suspend YNAP shares from listing and trading on June 18 and 19, taking into account, where applicable, the timing for the exercise of the squeeze-out right.
Richemont confirmed on Thursday that the vast majority of YNAP shareholders have agreed to sell to the luxury giant and that the minimum 90 percent threshold for its public tender offer had been fulfilled, securing 94.99 percent of Yoox Net-a-porter Group SpA’s ordinary shares. This renders the offer made through the special-purpose vehicle RLG Italia Holding S.p.A.. first announced in January, effective.
The payment to shareholders of 38 euros per YNAP share will be made Friday, the same day Richemont plans to publish its annual results, for a total of 2.46 billion euros in cash. Richemont said that the maximum consideration for the remaining YNAP shares would stand at little more than 300 million euros, valuing the total offer at 2.7 billion euros.
The sell-out period will run on May 21 from 8.30 a.m. to 5.30 p.m.
Richemont’s plan was to acquire 51 percent of the YNAP shares it did not already own,
