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Yoox Net-A-Porter board approves Richemont's purchase offer

The board of YOOX Net-A-Porter Group SpA, or YNAP, approved the previously announced voluntary public tender offer by Swiss luxury house Compagnie Financière Richemont SA to buy all of its shares.

The company's board considered the consideration price of €38 per share of YNAP to be "fair," according to a March 16 release. They also decided to tender in the offer 17,339 treasury shares of YNAP.

The offer's total value, in the event of its full acceptance, would be about 2.69 billion, including the value of the stock options exercisable during the acceptance period. This would increase to about 2.77 billion should all the stock options be exercised.

The news comes just days after Italian securities market regulator Commissione Nazionale per le Società e la Borsa approved the transaction. The Swiss company announced its first euro bond offering to fund the YNAP acquisition on March 15.