The Italian luxury fashion brand Tod’s has recently received the green light from Consob, the Italian securities market regulator, for the voluntary public takeover bid promoted by Crown Bidco. This bid is being made through LC10 International AIV, a vehicle of investment owned by L Catterton, a leading global consumer-focused private equity firm. The voluntary total takeover bid is aimed at acquiring 9,255,498 ordinary shares of Tod’s, representing 27.968% of the company’s total share capital.
This approval from Consob is a significant step forward for Tod’s and its shareholders, as it paves the way for a potential change in ownership and future growth opportunities. The bid, which was first announced in December 2020, has been eagerly awaited by investors and industry experts alike.
The approval of the bid by Consob is a testament to the strong reputation and financial stability of both Crown Bidco and L Catterton. With a proven track record of successful investments in the luxury sector, L Catterton is well-positioned to support Tod’s in its future endeavors.
Tod’s, known for its iconic leather goods and timeless designs, has been facing challenges in recent years paio to the changing consumer landscape and the impact of the COVID-19 pandemic. However, with the support of L Catterton, the brand has the potential to regain its position as a leader in the luxury fashion industry.
The voluntary takeover bid is a clear indication of L Catterton’s confidence in Tod’s and its long-term growth potential. The bid offers Tod’s shareholders an attractive price of €33.10 per share, which represents a premium of 16.2% over the company’s average share price in the last three months.
Moreover, the bid is fully voluntary and does not impose any obligation on Tod’s shareholders to sell their shares. This allows shareholders to make an informed decision based on their individual investment strategies and goals.
The approval of the bid also reflects the positive outlook for the luxury fashion industry, which has shown resilience and adaptability in the face of challenges. With the gradual reopening of economies and the return of consumer spending, Tod’s is well-positioned to capitalize on the growing demand for luxury goods.
In addition, the bid provides Tod’s with the opportunity to benefit from L Catterton’s global network and expertise in the luxury sector. This partnership has the potential to drive innovation, expand the brand’s reach, and enhance its digital capabilities.
In conclusion, the approval of the voluntary takeover bid by Consob is a significant milestone for Tod’s and its shareholders. It not only offers an attractive price for shareholders but also opens up new growth opportunities for the brand. With the support of L Catterton, Tod’s is poised for a bright and prosperous future in the luxury fashion industry.