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ZURICH - 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 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)