TOD'S S.p.A. (TOD.MI)
- Reuters
Tod's investor calls for L Catterton to raise buyout offer
Tod investor Tabor Asset Management has published an open letter calling for an increase in the price offered by L Catterton to buy 36% of the Italian luxury shoemaker, saying the price of 43 euros per share is unfair. The offer, launched by the LVMH-backed private equity firm in agreement with Tod's controlling shareholder with the aim of taking the group private, started on Monday and will run until May 8. Tabor Asset Management said on Tuesday that the offer underestimates the value of Tod's brands and fails to recognise the progress the brands have made, it said in an open letter.
- Reuters
Italian luxury group Tod's reports 63% jump in operating profit
Italian luxury group Tod's said on Tuesday its operating profit rose to 94.7 million euros ($103.3 million) last year from 58.2 a year earlier, ahead of L Catterton's offer aimed at delisting the company. "The next few years will see us committed to the consolidation of individual brands, and this is also why we felt (it) strategically important to share this project with the L Catterton investment firm by leaving the Stock Exchange," founder and main shareholder Diego Della Valle said in a statement. L Catterton, the private equity group backed by France's LVMH, offered last month to buy 36% of the Italian luxury shoemaker and delist it, in agreement with the Della Valle family which created the company.
- Reuters
Tod's CEO says he has no plans to sell 'family business'
MILAN (Reuters) -The founder of Italian luxury shoemaker Tod's said on Friday he had no plans to sell the company after taking it private via a deal with private equity firm L Catterton. The private equity group backed by France's LVMH offered this month to buy 36% of Tod's and delist it, in agreement with the Della Valle family which created the company. Diego Della Valle, who has two sons, currently holds 64.5% of the group together with his brother Andrea.
