The buyout offer for Italian luxury shoemaker Tod’s SpA won’t go forward after the Della Valle family fell short of the 90% ownership threshold it targeted, the family’s financial vehicle DeVa Finance said Wednesday, citing provisional results.
Those results show the offerer would hold 86.95% of Tod’s
TOD,
share capital at the conclusion of the offer period, below the 90% threshold targeted, DeVa said.
In August, the Della Valle family announced plans to take the company private as part of a strategy to boost growth. At 40 euros ($39.65) a share, the bid valued the company at around EUR1.3 billion.
Write to Sarah Sloat at sarah.sloat@wsj.com
