Ray-Ban Heir Drops Bid for Italian Daily
Leonardo Maria Del Vecchio has withdrawn his planned buyout bid for Italian newspaper publisher SEIF. The decision follows a rejected due diligence request and the refusal of founding shareholders to tender their stakes.
Insights:
Leonardo Maria Del Vecchio dropped his planned buyout of SEIF, publisher of the left-leaning daily Il Fatto Quotidiano, after target executives blocked financial due diligence. The 31-year-old billionaire heir valued the potential deal at €7.15 million ($7.97 million) based on a proposed offer of €0.286 per share.
