Safilo drops the Inspecs dossier and rules itself out of the M&A process

Safilo Group has officially closed the Inspecs chapter. Following the announcement on 10 December of a takeover offer for Inspecs Group by Bidco 1125 at 84 pence per share, the Italian eyewear group has confirmed that it does not intend to submit any competing bid.  

The statement, released in accordance with Rule 2.8 of the UK Takeover Code, triggers the so-called “no-intention-to-bid” restrictions. In practical terms, unless authorised by the UK Takeover Panel, Safilo will be barred for a period of six months from announcing or promoting an offer for Inspecs, or from acquiring interests that would take its shareholding above 30% of the voting rights of the UK company.  

Some exceptions remain in place. These include scenarios in which a third party, other than Bidco 1125, makes a binding offer, or in which Inspecs announces significant corporate actions, such as a Rule 9 waiver or a reverse takeover. In such cases, Safilo could be allowed to reconsider its position.  From a strategic standpoint, the move clarifies the current boundaries of Safilo’s capital allocation policy. In recent years, the Padua-based group has prioritised strengthening its brand portfolio, accelerating digital integration, and expanding its direct-to-consumer model, rather than pursuing external growth through acquisitions in the Anglo-Saxon market.  

Listed on Euronext Milan, Safilo remains one of the leading global players in eyewear, with a portfolio that includes owned brands such as Carrera, Polaroid, Smith and Blenders, as well as major licences including BOSS, Tommy Hilfiger, Marc Jacobs and David Beckham. In 2024, the group reported revenues of €993.2 million.  

The decision to stay out of the Inspecs bidding process is being read by the market as a signal of financial discipline, at a time when the eyewear sector is undergoing selective consolidation and facing increasing margin pressure. For now, Safilo is choosing to remain on the sidelines.