AMF authorises Calida´s takeover bid for Lafuma

The Autorité des marchés financiers (AMF) has authorised Calida Holding AG to subscribe a capital increase by issuing 2,500.000 new shares for a total of 35 million euros or 14 euros apiece. In early December, Swiss group Calida made official his bid

for Lafuma. Calida Group then launched its takeover bid to become the majority shareholder of the outdoors apparel and equipment company. Just two weeks after the French regulator has authorised the offer.

Calida Group, which is listed on the Swiss Exchange, has pursued a majority stake in French outdoors apparel retailer Lafuma since earlier this year. Calida made an offer in October to the Board of Directors at Lafuma to build up its stake in Lafuma from the current 15.3 percent to 50.6 percent, and then makes a public takeover offer to other shareholders.

Two-phase takeover offer

“The plan is to increase Lafuma Group's equity in a first step by a nominal 20 million euros by issuing 2.5 million shares reserved for Calida. The issue price is set at 14 euros per share, or a total 35 million euros,” explained the suitor in a note to investors issued in early December.

In the next step, a second capital increase worth 10 million euros will be carried out, giving the opportunity to other shareholders to subscribe rights. In this case, the issue price will be set lower, at 9 euros per share, or 36 percent discount on the takeover offer price.

In late November, French outdoor clothing retailer Lafuma posted widening full-year losses, weighed down by lower sales and ongoing restructuring costs.

Calida´s stepping in will strengthen Lafuma’s equity position enough to give it a solid platform once restructuring is complete, as stressed both parties when commenting the transaction.