Tod's Chairman Diego Della Valle poses at the end of an interview a day before the presentation of the Colosseum dungeons which have been restored in a multi-million euro project sponsored by the fashion group in Rome, Italy, June 24 2021. Picture taken June 24 2021. REUTERS/Remo CasilliRegister now for FREE unlimited access to Reuters.comMILAN, Aug 3 (Reuters) - The founding family and largest shareholder inItalian luxury shoe maker Tod's (TOD.MI) is set to launch a takeover offer to delist the company from the Milan stock exchange, the holding company of the Della Valle brothers said on Wednesday.Diego Della Valle, who also acts as chief executive and chairman at the company, and his brother, Andrea Della Valle, are set to launch a takeover bid at 40 euros per share. The stock closed at 33.42 euros on Tuesday.Tod's, famous for its Gommino loafers, launched a strategy in late 2017 to revamp its brands and lure younger consumers, but the coronavirus pandemic hampered its efforts.Register now for FREE unlimited access to Reuters.comGroup sales bounced back by almost 40% last year, increasing after five years of consecutive declines."The objective is to enhance the value of the group's individual brands, giving them strong individual visibility and operational autonomy," they said in the statement."Through this strategy, we intend to strengthen the positioning of the brands at the top of the quality and luxury market, with a high level of desirability."The Della Valle brothers, who directly and indirectly hold a 64.45% stake in Tod's, will launch the bid on 25.55% of the company's shares through their joint holding company DeVa Finance S.r.l.The remaining 10% is held by Delphine SAS, part of the LVMH Group (LVMH.PA).Delphine has struck an accord with the brothers, under which it will not tender its stake in the offer and will remain a shareholder in the delisted group with the same holding.BNP Paribas, Crédit Agricole Corporate Investment Bank and Deutsche are acting as financial advisers and BonelliErede as legal consultant.Register now for FREE unlimited access to Reuters.comReporting by Agnieszka Flak; editing by Cristina Carlevaro and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.
Tod's founding family to launch bid to delist shoe maker.