Swiss luxury goods group Compagnie Financière Richemont (Richemont) revealed that Italian stock market regulator Commissione Nazionale per le Società e la Borsa (Consob) has approved its offer to acquire all the ordinary shares of the Italian online fashion retailer Yoox Net-a-Porter (YNAP).
Richemont, which owns high-end brands such as Cartier, Montblanc and Dunhill London, already has a 49% stake in YNAP and following the approval from Consob, the company will hold a shareholding exceeding 90% of the ordinary shares.
The Swiss company noted that other than the shares already owned by Richemont, the offer is valid for up to an additional 1.5 million of new ordinary shares and up to 2.05 million of new ordinary shares, which might be issued upon the exercise of the stock option.
The stock option might become exercisable during the possible reopening of the acceptance period.
Richemont has agreed to pay €38 for each ordinary share held by the YNAP shareholders as part of the deal.
If fully taken up, the total value of the offer to YNAP shareholders would amount to €2.69bn including the value of the stock options exercisable during the acceptance period.
The acceptance period will last form 19 March to 9 May this year.
If all the conditions set in the offer document are met, the acceptance period will be reopened between 21-25 May.