MILAN (Reuters) – L Catterton, the private equity firm backed by France’s LVMH, said it would launch a tender offer to buy 36% of Italian luxury group Tod’s with a view to taking it private, under an agreement with majority shareholder the Della Valle family.
The private equity firm said in a statement late Saturday that it would offer to buy Tod’s shares at 43 euros ($46.36) apiece, 17.6% above Friday’s closing price.
L Catterton is offering to buy approximately 11.9 million shares, committing to spend up to €512 million.
Under the terms of the deal, Tod’s CEO and founder Diego Della Valle will transfer his 10.45% stake in the company to L. Catterton, while the Della Valle family will retain 54% of the company.
LVMH’s Delphine will also retain its 10% stake in the Italian group, while L Catterton will own the rest of Tod’s if the tender offer is successful.
In 2022, the founding family of the Italian luxury shoe maker attempted to take the group private in Milan to restore its fortunes by separately operating its various brands, but failed to reach the required 90% ownership threshold.
($1 = 0.9275 euros)