MILAN, Oct 25 (Reuters) - Tod's investors
representing just 4.5% of the Italian luxury shoemaker's capital
have tendered their shares under a buyout bid launched by the
founders, leaving the Della Valle family just one day to get to
the targeted threshold.
To proceed with the proposed delisting of Tod's and make
their revamp plans easier, the Della Valle need to reach a 90%
The Della Valles control 64.5% of Tod's and can count on the
support of French luxury giant LVMH, which has said it
would retain its 10% stake in the Italian group.
Italian bourse data on Monday showed take-up had reached
17.84% of the shares targeted by the offer, or 4.56% of the
That means they need another 10% of the company's capital to
hit their goal. The takeover offer ends at 1530 GMT on Tuesday.
In such bids, the last two or three days are normally
decisive for the outcome because investors wait until the very
end to tender their shares.
Tod's founder and chairman Diego Della Valle and his brother
Andrea are offering to buy out other investors in Tod's at 40
euros a share, for an up to 338 million euro investment.
(Reporting by Elisa Anzolin; editing by Valentina Za)