The Lazio Regional Administrative Tribunal (TAR) on Monday turned down an appeal by International Media Holding (IMH), Tod's leather goods CEO Diego Della Valle and Pirelli tire maker against a CONSOB stock market watchdog ruling not to suspend a Cairo Communication takeover bid for RCS media company. Appeals will be heard collegially at an August 30 hearing, the TAR ruled. Della Valle said last week he was not giving up on his takeover bid on RCS, of which he is the second-largest shareholder. "CONSOB fell seriously short," he said. "Its silence has favored one side". Della Valle is among RCS investors - including Pirelli - that bid on the publisher via vehicle company IMH, which petitioned CONSOB to stop a rival bid by Cairo Communication and was turned down.
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