IN BRIEF: French Connection in formal sales process as Spotlight exits

French Connection Group PLC - London-based fashion retailer - Says Spotlight Brands and Gordon ...

Alliance News 2 March, 2021 | 1:55PM
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French Connection Group PLC - London-based fashion retailer - Says Spotlight Brands and Gordon Brothers do not intend to make offer for the company. Notes French Connection received two separate takeover approaches in February from Spotlight Brands LLC in conjunction with Gordon Brothers International LLC, and from Go Global Retail in conjunction with HMJ International Services Ltd. Since then it has been approached a further three potential bidders and has engaged in talks with them. Says according to UK takeover rules, Spotlight Brands and Go Global Retail were required to either announce a firm intention to make an offer or walk away by March 5, meaning this coming Friday.

However, French Connection now has agreed with the UK Takeover Panel that discussions can take place with the context of a formal sales process, meaning Go Global is no longer subject to the March 5 deadline. As it stands, Go Global Retail has yet to make further statements relating to an offer or terms.

Current stock price: 26.40 pence, down 1.5% on Tuesday

Year-to-date change: up sharply from 10.18p on December 31

By Zoe Wickens; zoewickens@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
French Connection Group PLC 21.10 GBX 0.24 -

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