PPR Takes Full Control of Gucci

French retail giant Pinault-Printemps-Redoute has completed the initial offering to purchase all of the outstanding common shares of Gucci not already owned by PPR. PPR now owns approximately 99.23 percent of Gucci following the offer.

PPR paid $85.52 in cash for each Gucci share tendered and transferred.  Payment was made by PPR to the paying agents on April 30.

On the expiration of the initial tender period 33,267,342 Gucci shares were tendered. In addition, 1,364,670 Gucci shares were tendered into the offer by notice of guaranteed delivery. Together with the shares already owned by PPR, this represents approximately 99.23 percent of the total number of outstanding Gucci shares.

PPR also announced that according to the terms of its offer, it will provide for a subsequent offering period.  Holders of Gucci shares, who did not yet tender into the offer, are given the opportunity to tender their Gucci shares during this subsequent offering period, which expires on May 20.

The U.S. Dealer-Manager for the tender offer is J.P. Morgan Securities Inc., and the Information Agents for the tender offer are MacKenzie Partners, Inc. and Innisfree M&A Incorporated.