The tender offer launched for Marcolin SpA at €1.4 a share by the Marcolin and Della Valle families collected only 7,830,550 shares, or 37.2 percent of those available for purchase until the bid's expiry date of Feb. 11, short of the 46 percent quota that is not in their hands. The offer price represented a 26.4 percent premium over the weighted average price of the stock of the last 12 months, but the investors evidently thought that it was not enough, considering the future potential for appreciation.

Officials of Marcolin state that there will not be a new tender offer at a higher price in the foreseeable future. According to some sources, investors are betting that Diego Della Valle's entry into the equity will help Marcolin to obtain a juicy eyewear license that will more than compensate for its loss of Dolce & Gabbana. In fact, Marcolin's share price has increased after the tender offer. It grew by 11.29 percent in the last three days of last week, closing on Friday at €1.53, or 7 percent above the price of the tender offer.

The Dolce & Gabbana license is going to move gradually into the hands of Luxottica by the end of this year. It's too early to tell what will be the impact of the news late last week that Domenico Dolce and Stefano Gabbana are parting ways after 19 years of collaboration. A statement from D&G says that the Italian fashion house will continue to trade under its own composite trade name.