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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