October 25, 2021

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Struggling fashion retailer French Connection gets $40 mln buyout offer, Retail News, ET Retail

French Relationship claimed on Thursday it experienced received a takeover provide from a team of bidders which includes its second-major shareholder, sending London-listed shares of the having difficulties United kingdom trend retailer up 15%.

The offer of 30 pence share from a group such as Apinder Singh Ghura, Amarjit Singh Grewal and KJR Brothers Ltd values the after dominant participant in British vogue at about 29 million kilos ($39.6 million), in accordance to Reuters calculations.

The provide price tag represents a 30% premium to French Connection’s Wednesday closing value.

Ghura is the firm’s next-biggest shareholder with a 24.95% stake, according to Refinitiv data, and with a 41.5% stake, founder and CEO Stephen Marks remains its major shareholder.

Talks with the consortium are ongoing, French Connection said. It started in search of new suitors previously this year just after expense corporations Spotlight Manufacturers and Gordon Brothers pulled out of early talks to purchase the corporation.

French Connection, after identified for its provocative “FCUK” brand name of apparel, has not been rewarding in a decade and the COVID-19 pandemic has only strike product sales more durable.