PPR Makes Tender Offer for Gucci Public Shares
March 23, 04
Luxury group Pinault-Printemps-Redoute announced today that it’s offering to purchase all of the outstanding common shares of Gucci Group N.V. (Euronext Amsterdam: GCCI.AS; NYSE: GUC) not owned by PPR at a price of $85.52 per share in cash.
Gucci shares closed yesterday at $85.47 on the New York Stock Exchange after declining 0.03 points.
PPR’s tender offer is part of its obligations under agreements from September 2001 between PPR, Gucci Group and LVMH Moet Hennessy-Louis Vuitton.
PPR says its expecting to publicly file the tender documents with the U.S. Securities and Exchange Commission and make them available in the Netherlands on April 1, the day Gucci publishes its year-end results.
PPR currently owns 67.58 percent of Gucci Group's outstanding common shares.