LVMH completes Bulgari acquisition, shares to be delisted
LVMH Moët Hennessy – Louis Vuitton S.A. has acquired over 98% of Bulgari S.p.A. shares through a mandatory public tender offer and subsequent squeeze-out. Bulgari shares will be delisted from the stock exchange.
LVMH Moët Hennessy – Louis Vuitton S.A. has finalized its mandatory public tender offer for Bulgari S.p.A., securing over 98% of the Italian luxury brand's share capital. The offer period, which closed on September 23, 2011, saw 92.09% of the targeted shares tendered to LVMH. Additionally, LVMH acquired 0.77% of Bulgari's shares on the open market during the offer period.
With this acquisition, LVMH's total stake in Bulgari reaches 98.09% of the share capital. As LVMH now holds more than the 95% threshold required by Italian law, it has exercised its right to purchase the remaining shares not tendered in the offer through a "squeeze-out" procedure. This process covers the 1.91% of Bulgari's outstanding shares.
On October 4, 2011, LVMH announced the deposit of the total consideration of €81.7 million for these remaining shares, at a price of €12.25 per Bulgari share. The transfer of ownership for these shares to LVMH became effective from this date.
Following a resolution by Borsa Italiana on September 27, 2011, Bulgari S.p.A.'s shares have been delisted from the Mercato Telematico Azionario. After an initial suspension of trading, the shares are no longer listed, confirming LVMH's full control over the Bulgari brand.