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Italian regulator approves Richemont's purchase offer to YNAP

Swiss luxury goods retailer Compagnie Financière Richemont SA said March 14 that Italian securities market regulator Commissione Nazionale per le Società e la Borsa?approved the company's?voluntary public tender offer to acquire YOOX Net-A-Porter Group SpA.

Richemont announced Jan. 22 that it intended to buy all the shares of YNAP for 38 each.

The deal was subject to regulatory approval. The Italian regulator on Feb. 21 extended its review period for 15 days to evaluate YNAP's financial data.

On March 8, the regulator said it reopened the review period for approval.

The offer, valued at approximately 2.69 billion, can increase to a value of 2.77 billion if stock options are exercised during the possible reopening of the acceptance period, the company said.

The purchase offer covers 69,249,601 ordinary YNAP shares, and a maximum of 1,541,973 new ordinary YNAP shares that might be issued if stock options are exercised during the acceptance period, and another maximum of 2,045,598 new ordinary shares that might be issued if stock options become exercisable during the reopening period.