Tod’s founders reportedly scrap buyout plans after failing to reach ownership threshold

The founders of Italian shoemaker Tod’s have reportedly said they would be ditching a planned buyout after failing to achieve the 90 percent ownership threshold required to take the group private.

According to a Borsa Italiana listing, the Della Valle family, which founded the group Tod’s S.p.A in 2000, reached a stake of under 87 percent, a far cry from the 64.5 percent it owns.

The shares tendered under the bid will now be returned to investors, some of which had been offered a buyout at 40 euros a share.

In the bid’s documentation, an option raised was that of merging the group into the family’s DeVa Finance firm.

In a statement to Reuters, the Della Valles said they were yet to decide whether to move ahead with the delisting, with a person close to the transaction reportedly noting a decision could be made within the next couple of days.

The buyout bid comes as the family looks to revamp the company in an attempt to attract a younger audience of luxury shoppers, a group it is currently struggling to gain traction with.

This goal will remain unchanged however, with the Della Valles telling the publication: "From tomorrow [October 27] we will all work to achieve in the necessary time frame the realisation of a project that we hope will be very successful.”