Arnault family files its offer for Christian Dior shares
By Doug Newhouse |
The Arnault Family Group-owned Semyrhamis company yesterday filed its simplified mixed offer for all of the remaining Christian Dior shares it does not own with the French financial market authority (Autorité des marchés financiers), in line with the terms laid out last month.
The Semyrhamis company says that this filing follows the execution of a syndicated facilities agreement for the purpose of proceeding with the offer.
DIOR BOARD RECOMMENDS OFFER
The company said: “Based on the independent expert’s conclusions which confirm that the offer is fair and further to the release of the favourable opinion of the ad-DIOR BOARDhoc committee composed of independent directors, the Board of directors of Christian Dior, held on May 22nd, 2017, has unanimously recommended that Christian Dior shareholders tender their shares to the offer.
“In addition, Christian Dior Couture’s works council (Comité d’entreprise) has released a favourable opinion on the proposed disposal of Christian Dior Couture to LVMH.
DIOR COUTURE VALUED AT €6.5BN/$7.3BN
“Therefore and after having reviewed the respective independent experts’ conclusions which confirm the fairness of the transaction’s price and further to the release of the respective ad-hoc committees’ favourable opinion, the Board of directors of LVMH and Christian Dior have unanimously approved the execution of the definitive acquisition agreement, through which Christian Dior Couture will be acquired by LVMH at an enterprise value of €6.5bn ($7.3bn).
“These operations represent an important step towards the implementation of this strategic project.
“It allows, subject to the condition of the clearance by the French financial market authority (Autorité des marchés financiers), to confirm the timetable announced on April 25th, 2017, which planned for the offer to open in June 2017.”
[Note: Christian Dior Couture includes Grandville (100% owned by Christian Dior) and its subsidiary Christian Dior Couture].
-
International,
Alcohol insights: Conversion up, spend down in Q4
-
International,
Saudia Arabia's KKIA unfurls T3 duty free expansion
In the Magazine
TRBusiness Magazine is free to access. Read the latest issue now.