Compagnie Financière Richemont SA said June 13 that it now holds 98.4% of Italian online luxury fashion retailer YOOX Net-A-Porter Group SpA following the end of the sell-out procedure June 8.
The transaction is in connection to the Swiss luxury house's offer to takeover YNAP earlier this year. Richemont said it will pay the consideration price of €38 per share under its purchase obligation June 15.
Because Richemont now owns over 95% of YNAP's ordinary share capital, it will carry out a squeeze-out procedure to acquire the remaining 1,542,309 shares of YNAP, representing a 1.6% stake, it does not already own. It will also acquire an additional 16,028 shares, which might be issued to service the stock options.
Richemont will pay €38 for each additional remaining YNAP share. The company will carry out the procedure June 20 by depositing an amount equal to the consideration for the remaining shares into an escrow account at Intesa Sanpaolo SpA bank, according to the release.
The Swiss company will have the right to obtain the repayment of the sums deposited for the squeeze-out procedure, which will not have been cashed in by the entitled shareholders, after the expiration of the prescribed five-year term from the date when the procedure was completed.
The announcement comes ahead of the delisting of YNAP from the Milan stock exchange on June 20.