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China's Fosun offers to buy Tom Tailor

23
Feb '19
Pic: Tom Tailor
Pic: Tom Tailor
Chinese conglomerate Fosun International has offered to buy retailer Tom Tailor after it subscribed for a total of 3,849,526 new Tom Tailor shares which will be issued through a capital increase from Tom Tailor’s authorised share capital in 2018. The new share will be allotted to the company for a total cash contribution of €8,699,928.76.

After subscription of new shares, Fosun will hold 14,969,521 Tom Tailor shares in total, representing approximately 35.35 per cent of the total issued share capital and voting rights of Tom Tailor. As Fosun controls over 30 per cent threshold, under German law it is obliged to make a public takeover offer. “The company has announced its intention to make a voluntary public takeover offer as an offeror to all shareholders of Tom Tailor to acquire all Tom Tailor shares not already directly held by the company,” Fosun said in a filing to Hong Kong Exchanges and Clearing Limited.

“The directors (including the independent non-executive directors) are of the view that the transaction is fair and reasonable and in the interests of the company and its shareholders as a whole,” Fosun said in the filing.

Fosun is also a long-term and anchor investor of Tom Tailor and, to pursue its strategic goals, has supported decisions made by the management board and the supervisory board of Tom Tailor. The company, through increasing its shareholding interests in Tom Tailor pursuant to the transaction, will benefit from the long-term growth potential of Tom Tailor. It considers the transaction to be an attractive investment in its sector as it sees economic potential in Tom Tailor, Fosun said.

Founded in 1962 and headquartered in Hamburg, Germany, Tom Tailor is an international, vertically integrated fashion company focusing on casual wear in the medium price segment through its brands Tom Tailor and Bonita, complemented by an extensive range of fashionable accessories and home textiles which is directed to all generations. (RR)

Fibre2Fashion News Desk – India


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