Richemont’s YNAP bid review period extended

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Richemont YNAP

Richemont has announced that the review period for its takeover of the Yoox Net-A-Porter (YNAP) Group has been extended for up to 15 days.

Swiss-based Richemont – which owns high-end brands such as Cartier, Montblanc and Dunhill London – said the reason for this was to give Italy’s market regulator, Consob, more time to evaluate YNAP’s financial data.

Richemont already has a stake in the Milan-based YNAP Group – which owns British online retailers Net-A-Porter and Mr Porter – but last month is made a public tender offer to buy the shares it does not own for €38 (£33.5) per share.

Various publications have revealed different total estimates for the offer, ranging from €2.8 billion (£2.4 billion) to €5.1 billion (£4.5 billion).

The review of the takeover bid by Consob will now take up to 15 days longer than initially planned or until March 7 at the latest, Richemont said.

The regulator wanted to access to YNAP’s approved financial data for 2017, due to be approved by the company’s board of directors on March 6.

Earlier this month, Richemont’s takeover bid met some uncertainty amid reports that a long term shareholder would vote against it.

According to The Sunday Times, US-based value investor Robotti & Co – which has a stake of less than one per cent in the YNAP Group – did not see the deal as being “synergistic” or that the price offered was at “sufficient valuation”.

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