May 9, 2018 / 5:00 PM / a year ago

YNAP on track for de-listing after Richemont offer breaches threshold

MILAN, May 9 (Reuters) - Online luxury retailer Yoox Net-a-Porter (YNAP) is on track to be de-listed following the end of a takeover offer launched by Cartier owner Richemont, data from the Italian bourse showed on Wednesday.

Richemont — which already owns 25 percent of YNAP — in January offered up to 2.8 billion euros ($3.32 billion) for full control of the retailer to better compete in an expanding online market for luxury goods.

Nearly 94 percent of the shareholders targeted by the offer - or around 70 percent of YNAP’s share capital - accepted the bid by its deadline, preliminary data from the Italian bourse showed, taking Richemont’s stake in the company to just above 95 percent.

That is above the 90-percent threshold that triggers an obligation to buy out the remaining investors and de-list the group. ($1 = 0.8437 euros) (Reporting by Agnieszka Flak)

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