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YNAP investor opposes Richemont takeover

A long-term shareholder at Yoox Net-a-Porter (YNAP) has reportedly voiced plans to vote against Richemont’s €5.1bn (£4.5bn) takeover bid of the luxury etailer, throwing a potential deal into doubt.

Isaac Schwartz, portfolio manager at US value investor Robotti & Co, which owns less than 1% of YNAP, told The Sunday Times that his company did not see the deal as being “synergistic” or that the price offered was at “sufficient valuation”.

“Given that Yoox Net-a-Porter has leading a position in the industry and the best management team, we think the company should remain independent for the time being,” he added.

Richemont, which owns luxury brands including Cartier, Montblanc and Chloé, launched its bid for YNAP last month.

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