The Della Valle family has said they are stepping back from plans to delist Tod’s as well as their initial plan to merge the fashion group into the family’s DeVa Finance firm.
According to a press release from the company, DeVa opted to cancel its proposal following indications it had received from the market which suggested the operation could be “considered hostile” or at least “not market friendly”.
In a statement, Diego Della Valle, sole director of DeVa Finance and chairman and CEO of Tod’s, commented: "The price of 40 euros per share offered to the market was the result of a careful analysis carried out with correctness and transparency.
“However, we noted that some of our shareholders believed the value of the Tod's group to be significantly higher than our valuation and preferred to remain in possession of their shares.
“We are taking this message carefully and as an incentive to pursue our plans, which go through the development of the individual brands and their capital enhancement, which we believe have huge growth potential in the medium term."
In October, Tod’s founders were also said to have also scrapped plans for a 344 million dollar buyout of the group after they failed to reach an ownership threshold of 90 percent.
The family initially said it was looking to revamp the company in an attempt to attract a younger generation of luxury shoppers, a group it is currently struggling to gain traction with.
The Della Valle’s had noted their plans to take the Italian luxury group private was to help boost its financial accounts, while also managing the brands within the group separately.