GENEVA (dpa-AFX) - Richemont SA (CFRUY.PK) announced it has notified YOOX NET-A-PORTER GROUP S.p.A and the relevant market authorities of its intention to launch a voluntary public tender offer to acquire all the issued and to be issued ordinary shares of YOOX NET-A-PORTER GROUP that it or its affiliates do not already own. For each ordinary YNAP share held, YNAP shareholders would receive 38.00 euros per share.
YNAP has waived the standstill obligation included in the shareholder agreement entered into on 31 March 2015, which would otherwise prevent Richemont and all its affiliates from purchasing any further ordinary shares of YNAP save in certain circumstances. Richemont also stated that an irrevocable undertaking to accept the offer in respect of all of his shares has been received from Federico Marchetti, CEO of YNAP.
The offer aims at obtaining the delisting of the Issuer's ordinary shares from the Stock Exchange Market managed and organised by Borsa Italiana. Richemont said, as part of the company, YNAP would continue to be run as a separate business alongside Richemont's other businesses.
Copyright RTT News/dpa-AFX