LVMH-backed L Catterton to launch tender offer for 36% of Tod’s

By Thomson Reuters Feb 11, 2024 | 4:32 AM

MILAN (Reuters) – L Catterton, a private equity firm backed by France’s LVMH, said it will launch a tender offer to buy 36% of Italian luxury group Tod’s to take it private, in agreement with the majority shareholder Della Valle family.

The private equity firm said in a statement late on Saturday it would offer to buy Tod’s shares at 43 euros ($46.36) each, a 17.6% premium to Friday’s closing price.

L Catterton is offering to buy around 11.9 million shares, committing to spend up to 512 million euros.

Under the deal, Tod’s CEO and founder Diego Della Valle will tender his 10.45% stake in the company to L Catterton, while the Della Valle family will retain 54% of the company.

Delphine, part of LVMH, will also keep its 10% in the Italian group and L Catterton will own the remainder of Tod’s if the tender offer is successful.

In 2022, the founding family of the Italian luxury shoemaker tried to take the Milan-listed group private in an effort to revive its fortunes by managing its diverse brands separately, but it failed to reach the 90% ownership threshold needed.

($1 = 0.9275 euros)

(Reporting by Francesca Landini and Elisa Anzolin; Editing by Sharon Singleton)