MILAN, Feb 12 Reuters Shares in Tod39;s rose 17.4 on Monday, after private equity firm L Catterton offered to buy 36 of the luxury shoemaker and take it private, in agreement with the Della Valle founding family.

Shares rose to 42.7 euros each by 0835 GMT, just below the 43 euros per share offered by the investment firm backed by France39;s LVMH, which values Tod39;s at just over 1.4 billion euros.

The move follows a failed attempt in 2022 by the Della Valles, who own 64.5 of Tod39;s, to take the company private.

In addition to the eponymous brand, famous for its Gommino loafers, Tod39;s also owns the iconic Roger Vivier shoe brand, as well as the Fay and Hogan labels.

Citi analysts said shareholders may think that the bid39;s price, which is only 7.5 above the 2022 failed offer39;s price, does not fully reflect the ongoing turnaround of the Tod39;s brand and undervalues Roger Vivier.

However, broker Equita said the alliance between Tod39;s majority and minority shareholders lent credibility to the threat that investors who snub the bid will end up with stock in an unlisted group.

In 2022 the Della Valle family offered 40 euros a share, or a 20 premium, to buy out other investors and strive to revive the group39;s fortunes by managing its diverse brands separately.

That bid failed to meet the required threshold.

The Della Valle family refrained however from still taking Tod39;s private, as they had said they could do, by merging it into their DeVa Finance vehicle….