BUYOUT OFFER
Richemont in bid for online luxury retailer Yoox Net-a-Porter
22 January 2018 - 14:40
Swiss luxury brands conglomerate Richemont, which is controlled by the Stellenbosch-based Rupert family, has pitched a €2.7bn offer to buy out online high-end fashion retailer Yoox Net-a-Porter (YNAP). Richemont – which owns brands such Cartier, Piaget and Mont Blanc – already holds a 49% stake in the Milan stock exchange-listed YNAP. On Monday, Richemont advised it had made a voluntary public tender offer to acquire all the issued shares of YNAP that it did not already own. The offer has been pitched at €38/share – a considerable premium to the YNAP share price last week.
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