Swiss luxury goods firm Lalique to delist from SIX stock exchange (updated)

Lalique SA

31/05/2024 06:55

(Adds details throughout)
       ZURICH, May 31 (Reuters) - Lalique Group said on Friday
it plans to delist from Switzerland's SIX stock exchange, with
majority shareholder Silvio Denz making a tender offer to public
shareholders of the Swiss luxury goods company.
    "As a private company, Lalique Group with its already very
small free float will be able to focus fully on its business
activities and continue to successfully pursue its proven
diversification strategy," the company said in a statement.
    The company  LLQ.S  has been listed on the SIX exchange
since 2018, and its free float has remained small throughout,
currently standing at just over 6%.
    In view of that situation, the costs associated with the
listing and the short-term orientation of stock markets, the
company said it had decided to depart the exchange.
    Denz, who holds some 51.1% of shares and is chairman of the
group, is offering shareholders 40 Swiss francs in cash per
Lalique share, the company said.
    This is a premium of nearly 28% based on the volume-weighted
average price of the share on SIX over the 60 trading days prior
to publication of the offer prospectus, or of 32.45% based on
the share's closing price on May 30, Lalique said.
    Anchor shareholders Müller Handels AG Schweiz, Dharampal
Satyapal Limited, Hansjörg Wyss and Claudio Denz have each
concluded separate non-tender agreements with Silvio Denz and
will remain invested in Lalique after the delisting, it added.
    The offer period is scheduled to begin on June 17 and end on
June 28, with a provisional interim result due to be published
on July 2. A potential extension period is envisaged for July 3
lasting until July 16, the firm said.
    Lalique plans to have shareholders approve the delisting at
its next annual general meeting on June 28.
    Lalique's board of directors is unanimously recommending
that shareholders accept the offer.

 (Writing by Dave Graham; Editing by Rachel More and Christopher
Cushing)
 ((dave.graham@thomsonreuters.com; Reuters Messaging:
dave.graham.thomsonreuters.com@reuters.net))