Richemont: soon to delist YNAP from Milan
(CercleFinance.com) - This morning Richemont has announced that it has reached the threshold of 95% of ordinary shares forming the capital of Yoox/Net-a-porter (YNAP), an Italian e-commerce company on which the Swiss luxury group is conducting a takeover bid.
The squeeze-out procedure has been launched.
As of 24 May, Richemont held exactly 95.006% of the target's shares. As a result, the YNAP squeeze-out procedure is underway and on 20 June is expected to lead the delisting of the YNAP share from Milan.
Note that YNAP results from Richemont's contribution of its subsidiary Net-a-porter to Yoox, and that the Swiss group held half of YNAP's capital when it launched its takeover bid, a deal worth around 2.5 billion euros.
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The squeeze-out procedure has been launched.
As of 24 May, Richemont held exactly 95.006% of the target's shares. As a result, the YNAP squeeze-out procedure is underway and on 20 June is expected to lead the delisting of the YNAP share from Milan.
Note that YNAP results from Richemont's contribution of its subsidiary Net-a-porter to Yoox, and that the Swiss group held half of YNAP's capital when it launched its takeover bid, a deal worth around 2.5 billion euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.