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Richemont wraps up YNAP takeover, online retailer to delist

May 17 2018 12:59
Lameez Omarjee

Swiss luxury goods group Richemont [JSE:CFR] has acquired 94.99% of online retailer YOOX Net-A-Porter Group’s (YNAP) shares, exceeding the minimum requirement of 90% of YNAP’s share capital.

YNAP will delist from the Milan Stock Exchange with effect from June 20, 2018. YNAP’s trade will be suspended from June 18.

Richemont, which is owned by South African businessman Johann Rupert, issued a notice to shareholders on Thursday.

"Richemont hereby confirms that the Minimum Acceptance Level Condition (MAC) has been fulfilled, as the 90% threshold of YNAP's ordinary share capital has been exceeded," the notice read.

"Richemont hereby declares that the MAC Condition is fulfilled and, therefore, the offer is effective."

In January, Richemont announced its intentions to bid R40bn on YNAP, as part of a strategy to make inroads in the online retail space, Bloomberg reported. At the time, Richemont owned 50% of YNAP.

Business Insider previously reported that in March, Italian authorities granted Richemont approval for the deal.

Richemont will now purchase all the YNAP shares tendered in the offer during the acceptance period. Richemont is expected to pay €38 (R561) per YNAP share tendered in the offer on May 18. This amounts to €2.47bn (R36.49bn).

“The consideration will be paid in cash by the offeror,” the notice read.

Richemont’s share price opened at R120.12 on Thursday morning. It was trading 0.47% higher at R122.31 by 11:24.

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