YNAP shareholder criticises Richemont’s acquisition bid

Richemont’s takeover bid for Yoox Net-a-Porter (YNAP) has been handed some uncertainty amid reports that a long term shareholder will vote against it.

US-based value investor Robotti & Co – which has a stake of less than one per cent in the YNAP Group – did not see the deal as being “synergistic” or that the price offered was at “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.

Swiss-based Richemont – which owns high-end brands such as Cartier, Montblanc and Dunhill London – already has a stake in the YNAP Group but last month it made a public tender offer to buy the shares it does not own for €38 (£33.5) per share.

Various publications have revealed different total estimates for the takeover bid, ranging from €2.8 billion (£2.4 billion) to €5.1 billion (£4.5 billion).

The deal would only go ahead once it is approved by YNAP Group shareholders.