The Della Valle family’s attempt to remove Tod’s from the stock exchange has not been successful, as they were unable to reach the required 90% ownership threshold. According to a filing with the Borsa Italiana, on the final day of the offer, investors tendered a total of 4,134,358 shares of Tod’s stock. However, the Della Valle family, who currently owns 64.5% of the company, needed to gain acceptance for at least 5,144,373 shares in order to reach the 90% threshold required to take the company private.

Diego Della Valle, the founder and chairman of Tod’s, along with his brother Andrea, have been offering to buy out other investors in the company at a price of 40 euros per share. They were willing to invest up to 338 million euros. If their bid had been successful, the Della Valle family had plans to merge Tod’s with their vehicle DeVa Finance and delist the company within six months.

However, if the delisting were to occur, investors who did not tender their shares would be left with a minority stake in a company that is no longer listed. Alternatively, they could choose to exercise their right of withdrawal, which is expected to be set at around 36 euros per share. This price is lower than the takeover offer. Some brokers have speculated that the option of a reverse merger is being considered because shareholders who are forced out could potentially create legal obstacles and cause delays in the process.

As a result of this news, Tod’s shares saw a decline of 2.4% to 39.6 euros. This underperformance contrasted with the 1.5% increase seen in Milan’s all-share index.

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