The Benetton family made an offer of €276.6 million to buy the shares it doesn’t already hold in the eponymous Italian fashion retailer last night, confirming reports that the family is hoping to take the business private.
Through its holding company Edizione, the family said it will offer €4.60 per share to buy the 33% of the Ponzano Veneto-based group it doesn’t control.
The holding company owns 67% of the family business, founded in 1965 by chairman Luciano Benetton and best known for its coloured knitwear, while the remaining shares are listed on the Milan Stock Exchange.
The share price jumped 20% to €4.85 today (2 February), from €4.05 at the opening of the trading session, although it has since fallen slightly to €4.68 at 14.08 GMT.
The company, which also owns brands such as Sisley and Playlife, said the board of directors will meet today to discuss the deal.