Tod's decides not to be taken off the list. DeVa Finance, a firm owned by Diego Della Valle through which the takeover offer on the Tod's shares of the Marche fashion house listed on Euronext Milan had been pushed, has opted not to continue with the merger by incorporation of the company, so waiving the revocation from Piazza Affari. The project has therefore been postponed because, according to the same company's release, management decided "to take into consideration the signals coming from the market and not to continue with an operation that may be regarded unfriendly or at least not market friendly." "The market price of 40 euros per share, according to Diego Della Valle, was the outcome of a rigorous investigation conducted with fairness and openness. However, we observe that a portion of our shareholders valued the Tod's group much higher than our valuation and we opted to keep their shares ". The group's note concludes, "We take this message seriously and use it as motivation to carry out our plans, which involve the development of individual brands and the improvement of their assets, which we think have great growth potential in the medium term." The Della Valle family's takeover proposal, launched in August, had not met the 90% share capital requirement by the end of last October, and hence the offer had not been finalized.
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