Safilo Falls Most in 8 Months on Warning of Default Possibility
Safilo shares dropped as much as 10 percent, the most since March 9, and were down 6.2 percent to 52.8 euro cents at 1:19 p.m., giving the Padua, Italy-based company a market value of 151 million euros ($226 million).
Hal, whose investments include control of optical retailers GrandVision SA and Pearle Europe BV, agreed to buy a controlling stake in Safilo on Oct. 19. The deal is subject to a 300 million- euro bid for Safilo’s bonds, for which Hal must capture at least 60 percent. Netherlands-based Hal said yesterday that only 1.03 percent of the notes, in addition to a previous 38.76 percent, have been tendered and said if the offer isn’t successful, the transaction may not occur. The offer ends Nov. 18.
“In such event, the overall recapitalization plan might not take place and the company would again be in a highly leveraged situation and will, in all likelihood, default under its banking facilities by year-end,” Safilo said in a statement late yesterday.
“After a 30 percent share price rally in the last three months, the valuation does not fully reflect the probability of default,” analysts at Exane BNP Paribas said today in a note. They cut their rating on Safilo to “underperform” from “neutral.”
Safilo’s third-quarter net loss widened to 50 million euros from 6.7 million euros a year earlier, the company said in a separate statement yesterday.
The Italian company also makes Carrera memory metal eyeglasses and produces eyewear under license for designer labels including Giorgio Armani, Gucci and Juicy Couture.
Related eyeglasses website:http://www.firmoo.com/semi-rimless-glasses.html
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