MILAN — Yoox Net-a-porter will delist from the Milan Stock Exchange on June 20, in the wake of the successful takeover bid by Compagnie Financière Richemont SA. Borsa Italiana will suspend YNAP shares from listing and trading on June 18 and 19, taking into account, where applicable, the timing for the exercise of the squeeze-out right.
Richemont confirmed on Thursday that the vast majority of YNAP shareholders have agreed to sell to the luxury giant and that the minimum 90 percent threshold for its public tender offer had been fulfilled, securing 94.99 percent of Yoox Net-a-porter Group SpA’s ordinary shares. This renders the offer made through the special-purpose vehicle RLG Italia Holding SpA first announced in January, effective.
The payment to shareholders of 38 euros per YNAP share will be made Friday, the same day Richemont plans to publish its annual results, for a total of 2.46 billion euros in cash. Richemont said that the maximum consideration for the remaining YNAP shares would stand at little more than 300 million euros, valuing the total offer at 2.7 billion euros.
The sell-out period will run on May 21 from 8:30 a.m. to 5:30 p.m.
Both founded in 2000, Yoox and Net-a-porter revealed their merger in March 2015, built on three pillars — in-season and off-season fashion and the management of online, monobrand stores. Yoox, founded by YNAP chief executive officer Federico Marchetti, was first publicly listed in December 2009. The newly formed YNAP was listed in Milan in October 2015. Natalie Massenet, founder of Net-a-porter, left the group in September 2015 after the merger. Both Richemont and YNAP have said the latter will continue to be run as a separate company. Marchetti is expected to stay on at the e-tailer.
On Monday, YNAP released what were expected to be its last set of figures as a separate public company. In the three months ended March 31, revenues inched up 0.5 percent to 518 million euros, compared with 515 million euros in the same period last year. At constant exchange rates, sales grew 7.9 percent.
YNAP stated that it expected to “achieve organic net revenue growth in line with its strategic plan” in fiscal year 2018, in light of its “leadership position in luxury fashion e-commerce and of the positive outlook for the online retail market, lifted by all the business lines and key markets. The group also expects to deliver an improvement in the adjusted EBITDA margin at constant exchange rates.”