Richemont makes an offer to buy YNAP shares for 38 euros each

Richemont SA has announced through a media statement that the company has notified Yoox Net-A-Porter Group S.p.A (YNAP) of its intention to launch a voluntary public tender offer to acquire all the issued and to be issued ordinary shares of the latter that it or its affiliates do not already own. Under the terms of the offer, the company added, for each ordinary share held, YNAP shareholders would receive 38 euros (46 dollars) per share.

Commenting on the offer, Johann Rupert, Chairman of Richemont, said in a statement: “With this new step, we intend to strengthen Richemont’s presence and focus on the digital channel, which is becoming critically important in meeting luxury consumers’ needs. We are very pleased with the results achieved by Yoox Net-A-Porter Group’s management team, led by Federico Marchetti, and we intend to support them going forward to execute their strategy and further accelerate the growth of the business. As part of our group, YNAP Group would continue to operate as a separate business, ensuring it remains a neutral and highly attractive platform for third party luxury brands.”

For the third quarter ended December 31, 2017, Richemont had announced a sales rise of 7 percent at constant exchange and 1 percent at actual rates to 3,119 million euros (3,812 million dollars) compared to the prior year period.

Picture:Yoox Net-A-Porter Group website