Italy · Fashion business
The five share counts behind Tod’s 2024 delisting
Tod’s left Euronext Milan on 7 June 2024. The final offer notice put Crown Bidco and the parties acting with it at 96.885% of the share capital at payment. That total included existing holdings, purchases outside the offer and shares tendered at €43 each.
Sources checked
- 01Starting holdings
Concert parties held 64.002% Source 2
- 02Market purchases
Crown Bidco acquired 15.193% outside the offer Source 2
- 03Tendered shares
Another 17.691% came through the offer Source 2
- 04Aggregate at payment
32,062,764 shares representing 96.885% Source 2
- 05Residual purchase process
1,030,775 shares or 3.115% remained Source 2
- 06Delisting
Euronext Milan trading ended on 7 June 2024 Source 3
Follow the three holdings into the aggregate. The last step shows the shares still outside the buyer group.
The offer covered a subset of the share capital
The notice reports 5,854,561 tenders, equal to 63.255% of shares targeted by the offer and 17.691% of all issued shares. The cash consideration was €43 per tendered share, with payment set for 15 May. Source 1 Source 2
Outside purchases also counted
Crown Bidco reported 5,027,792 purchases outside the offer through 8 May. The separate 21,180,411 shares already held by parties acting in concert gave the buyer group its starting position. Adding those two amounts and the tendered shares gives 32,062,764 shares. Source 2
The final count replaced a provisional figure
The 9 May notice revised tendered shares downward by 11,172 from the prior day’s provisional count. It still showed the buyer group above 95%, with 1,030,775 shares remaining outside the group at payment. Source 2
The residual procedure led to the end of trading
The offeror described a joint purchase procedure for the remaining 3.115%. Borsa Italiana records the delisting on 7 June and identifies the Crown Bidco voluntary tender as the reason. Source 2 Source 3