Italy’s market watchdog Consob has approved the buyout of luxury shoemaker Tod’s proposed by the group’s founding family, the bidders said on Wednesday.

The Della Valle brothers said last month their holding company would offer to buy Tod’s shares at 40 euros each, valuing the company at 1.32 billion euros ($1.3 billion).

The offer document will be published on Sept. 23, they said.

BNP Paribas, Crédit Agricole Corporate & Investment Bank and Deutsche Bank are acting as financial advisers and BonelliErede is legal consultant for the Della Valles.

By Francesca Landini; Editing by Jonathan Oatis

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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.