Tod’s, on Monday the 338 million offer from Della Valle for delisting- Corriere.it

Countdown to the takeover bid, the takeover bid that will take the luxury group Tod’s away from the Piazza Affari list. In fact, on Monday 26 September, the adhesion period to the takeover bid launched on Tod’s by Deva Finance of the Della Valle family, at 40 euros per share and aimed at delisting, begins. An operation that will end on 25 October, except for extensions. And just a few hours from the start of the operation, the New York activist fund Tabor asset management – which of Tod’s shareholder with 0.4% – publishes a letter sent in August that had asked the board of directors of the company to speak with DeVa in order to obtain an increase in the offer price.

The Vivier, Hogan and Fay brands

The offer price had been set at the beginning of August at 40 euros per share, a price which at that time showed a premium on the listing of 20.4%. Today the stock is now aligned with the offer price, as it closed at € 4.44 on Friday. The maximum consideration of the shareholders involved in the delisting of approximately 338 million. From the offer document, it emerged that the exit from Piazza Affari could lead to a revision of the profile of the luxury group and the establishment of individual ad hoc companies to manage the individual brands of the group (Tod’s, Roger Vivier, Hogan and Fay), with the goal is to give greater individual visibility and great operational autonomy.

Industrial operation

Tod’s has over a billion capitalization and a 2021 turnover of 884 million euros and is listed on the Milan Stock Exchange, where it has been present for 22 years. The company led by Diego Della Valle had explained in August that the opa was a large investment in the fashion group to support its development and be able to enhance the individual brands (Tod’s, Roger Vivier, Hogan and Fay, giving them a strong individual visibility and a great operational autonomy. An operation that aims at the pursuit of medium and long-term objectives that could be less easy while maintaining the status of listed company

The profile

Who Tabor? was founded in 2018 by Jonathan Jacoby – born in Boston, studied at Columbia, then a number of positions in large companies such as Bank of America and Fidelity – and a team of experienced investment professionals. The profile is that of a company that manages hedge funds, is based in New York and registered under the Investment Advisers Act of 1940, with a specialization in the consumer, telecommunications, media and technology sectors. In its portfolio – according to the filings of the SEC – it has small stakes in large companies such as Amazon, Starbucks and Airbnb. The founder of Tabor has over 20 years of investment experience.