Tod’s investors representing just 4.5 percent of the Italian luxury shoemaker’s capital have tendered their shares under a buyout bid launched by the founders, leaving the Della Valle family just one day to get to the targeted threshold.

To proceed with the proposed delisting of Tod’s and make their revamp plans easier, the Della Valle need to reach a 90 percent ownership threshold.

The Della Valles control 64.5 percent of Tod’s and can count on the support of French luxury giant LVMH, which has said it would retain its 10 percent stake in the Italian group.

Italian bourse data on Monday showed take-up had reached 17.84 percent of the shares targeted by the offer, or 4.56 percent of the group’s capital.

That means they need another 10 percent of the company’s capital to hit their goal. The takeover offer ends at 15:30 GMT on Tuesday.

In such bids, the last two or three days are normally decisive for the outcome because investors wait until the very end to tender their shares.

Tod’s founder and chairman Diego Della Valle and his brother Andrea are offering to buy out other investors in Tod’s at €40 a share, for an up to €338 million investment.

By Elisa Anzolin; Editor: Valentina Za

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Tod’s Family to Launch $344 Million Bid to Privatise Company

The Della Valle brothers said in a statement their holding company would pay €40 for each Tod’s Group share, valuing the company at €1.32 billion.