MILAN — European private equity group Permira Holdings’ takeover vehicle, Red & Black Lux Srl, has set the price on its tender offer for outstanding shares of Hugo Boss AG, offering minority shareholders 48.33 euros, or $66.46, a common share, and 43.45 euros, or $59.75, a preference share.
Red & Black published the prices Thursday in a legal filing. The offer started Thursday and runs through Aug. 20. Permira is taking over Boss’ parent, Valentino Fashion Group SpA. Under German law, Permira must also launch a full bid for Boss.
Red & Black is not offering Boss minority shareholders a premium. In fact, both classes of Boss shares are trading above the offer price. Red & Black is offering the lowest prices it can under German law, which stipulates a minimum based on the shares’ average trading prices over the last three months.
Red & Black said it was not “necessarily” interested in upping its majority stake in Boss. It is launching the offer out of legal obligation. In other words, the company isn’t concerned about whether or not minority shareholders tender their shares since Red & Black already controls Boss through VFG.
VFG owns almost 51 percent of Boss and Red & Black needs to bid for the remainder. Boss shares are traded on several German stock exchanges.
The cost of the Boss takeover will hinge on how many minority shareholders will tender their shares at a discounted rate. If all Boss minority shareholders tender their shares, the offer will cost Red & Black 1.54 billion euros, or $2.12 billion.
Permira’s Red & Black has already bought 60 percent of VFG from the Marzotto family and other investors. It’s launching a bid for the remainder of the company at 35 euros, or $$48.13, a share with the goal of delisting VFG from the Milan stock exchange. Pending antitrust approval, the VFG tender offer could be in the last week of July and run through the first week of September.
Red & Black’s total price tag for VFG, should all shareholders adhere to its offer, would be about 2.6 billion euros, or $3.58 billion.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast