MILAN — Giorgio Armani has agreed to tender his shares into the mandatory exchange offer launched earlier this month by EssilorLuxottica on all the outstanding shares of Luxottica Group SpA not already owned by the newly merged eyewear behemoth.
Armani, a longtime shareholder in Luxottica, which produces and distributes the designer’s eyewear collections under a licensing agreement, is tendering more than 22.5 million shares. This represents 4.64 percent of Luxottica’s share capital and voting rights.
EssilorLuxottica is a company incorporated under French law and listed on the Paris Stock Exchange Euronext.
As reported, Luxottica’s executive chairman Leonardo Del Vecchio‘s family holding Delfin is submitting its shares in the giant Italian eyewear group, or 62.42 percent of the total, at a ratio of one share in Luxottica for each 0.461 Essilor share.
The new EssilorLuxottica will then launch a mandatory exchange offer for all the remaining shares at the same ratio between Oct. 29 and Nov. 27, with the view of delisting Luxottica’s shares in Milan. However, the squeeze-out, if any, including the settlement, could be expected between Jan. 28 and March 4, 2019.
The merger was revealed in January 2017.
Last week, Consob, Italy’s equivalent of the U.S. Securities and Exchange Commission, approved the document relating to the mandatory exchange offer launched