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YNAP on Track for De-Listing After Richemont Offer Breaches Threshold

Richemont in January offered up to $3.32 billion for full control of the retailer.

The Yoox Net-A-Porter Group | Source: Yoox

Reuters

09 May 2018

MILAN, Italy — Online luxury retailer Yoox Net-a-Porter (YNAP) is on track to be de-listed following the end of a takeover offer launched by Cartier owner Richemont, data from the Italian bourse showed on Wednesday.

Richemont — which already owns 25 percent of YNAP — in January offered up to 2.8 billion euros ($3.32 billion) for full control of the retailer to better compete in an expanding online market for luxury goods.

Nearly 94 percent of the shareholders targeted by the offer — or around 70 percent of YNAP’s share capital — accepted the bid by its deadline, preliminary data from the Italian bourse showed, taking Richemont’s stake in the company to just above 95 percent.

That is above the 90-percent threshold that triggers an obligation to buy out the remaining investors and de-list the group.

By Agnieszka Flak.

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