Richemont’s acquisition of Yoox Net-a-Porter has come under fire as a YNAP shareholder has expressed their fears over the takeover.
In a statement to The Sunday Times, YNAP Group shareholder, Robotti & Co, a New York based securities company, that owns less than one per cent in YNAP, expressed it did not see the deal as “synergistic” and that the price offered was not a “sufficient valuation.”
“Given that Yoox Net-a-Porter has leading a position in the industry and the best management team, we think the company should remain independent for the time being,” Robotti & Co portfolio manager Isaac Schwartz told the newspaper.
Richemont announced its intention to acquire the 75% of Yoox Net-a-Porter voting shares that it does not presently own in a deal valued at €2.8 billion.
Various publications have expressed different total estimates for the takeover bid, ranging from €2.8 billion to €5.1 billion explains Retail Gazette.
The deal will only go ahead once it is approved by YNAP Group shareholders.