Tod’s Shares Soar Following News of Possible Delisting, Merger With L Catterton Affiliate

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Tod's Group shares soared following the news of an agreement with an affiliate of L Catterton to delist the Italian company and potentially merge with the fund.

shares continued to soar Monday morning following the news that the Italian group was planning to go private through a deal with an L Catterton affiliate. By midafternoon, Tod’s shares were up 18.15 percent at 42.96 euros on the Milan Stock Exchange and closed up 18.37 percent at 43.04 euros.

In her Barclays report, Carole Madjo said it was likely the agreement was made “out of need to further invest: Since the failed tender offer, Tod’s performance has been resilient, but we think the group probably still needs to make in-depth investment in the business, especially in the current environment, so the return of the news on delisting may not come as a particular surprise.”.

A delisting, continued Debach, would allow Tod’s more freedom and flexibility to enhance each brand and provide more operational autonomy, with an eye on medium- and long-term objectives, beyond the short-term scrutiny of the stock market. These figures imply a growth of 7.5 percent in the fourth quarter at constant rates, driven by the retail channel, which was up 11.9 percent.

 

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