Reuters
The Della Valle brothers said in a statement their holding company would offer to buy Tod's shares at 40 euros each, a 20.4% premium to Tuesday's closing price, valuing the company at 1.32 billion euros. French luxury giant LVMH will retain its 10% stake, after raising it last year in a move that Tod's said reinforced the 20-year friendship between the two companies' respective founders, Bernard Arnault and Diego Della Valle. "The objective is to enhance the value of the group's individual brands, giving them strong individual visibility and operational autonomy," the Della Valles said in the statement.