Filing of the public offer on Christian Dior: Disposal of Christian Dior Couture
THIS DOCUMENT MAY NOT BE RELEASED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA
Semyrhamis (a company of the Arnault Family Group) filed, on May 22nd, 2017, with the French financial market authority (Autorité des marchés financiers) the simplified mixed offer for all Christian Dior shares not currently held by the Arnault Family Group according to the terms described on April 25th, 2017. This filing follows the execution of a syndicated facilities agreement for the purpose of proceeding with the offer.
Based on the independent expert’s conclusions which confirm that the offer is fair and further to the release of the favorable opinion of the ad hoc committee composed of independent directors, the Board of directors of Christian Dior, held on May 22nd, 2017, has unanimously recommended that Christian Dior shareholders tender their shares to the offer.
In addition, Christian Dior Couture’s works council (Comité d’entreprise) has released a favorable opinion on the proposed disposal of Christian Dior Couture  to LVMH. Therefore and after having reviewed the respective independent experts’ conclusions which confirm the fairness of the transaction’s price and further to the release of the respective ad hoc committees’ favorable opinion, the Board of directors of LVMH and Christian Dior have unanimously approved the execution of the definitive acquisition agreement through which Christian Dior Couture will be acquired by LVMH at an enterprise value of €6.5bn.
These operations represent an important step towards the implementation of this strategic project. It allows, subject to the condition of the clearance by the French financial market authority (Autorité des marchés financiers), to confirm the timetable announced on April 25th, 2017, which planned for the offer to open in June 2017.
As a reminder, the main terms of the public offer by Semyrhamis, presented on April, 25th 2017, are the following:
— Primary mixed offer: €172 and 0.192 Hermès International share for each Christian Dior share;
— Secondary cash offer: €260 for each Christian Dior share; and
— Secondary exchange offer: 0.566 Hermès International share for each Christian Dior share.
 Includes Grandville (100% owned by Christian Dior) and its subsidiary Christian Dior Couture.