UK: Baird Rejects Jacques Vert's £18m Merger Offer
Troubled clothing supplier William Baird on Thursday rejected a £17.9 million bid by fashion company Jacques Vert as too low.
The owner of brands including Melka, Planet, Windsmoor and Precis Petite said the offer was not enough but did say that it believes a tie-up makes commercial sense.
Baird added in a statement it has begun the process of selling off its active wear and casual wear businesses, which include the Lowe Alpine brand, and expects to achieve an aggregate cash position.
Earlier this month the company posted a sharp rise in first half pre-tax losses to £9.2 million from £7.6m as flat women's wear sales were compounded by several write-offs.
Chairman Lord Wolfson said: "This bid does not appear to reflect the relative value contributions of Baird and Jacques Vert.
"Baird has already embarked on a recovery programme, which promises to bear fruit over the coming months. In the light of today's events, the board is actively considering alternative options."
Help test our new apparel sourcing tool.
- What TTIP might mean for US, EU textiles & apparel
- Four steps to reduce product defects
- Unlocks for the future fashion sourcing landscape
- Geo-political uncertainty and how to survive it
- Adidas raises the bar for North America sales
- H&M, VF Corp and Levi among most ethical companies
- US Q4 in brief – PVH Corp, J Crew, Perry Ellis
- Sears has "substantial doubt" of future
- Vietnam limits hazardous chemicals in apparel
- PVH Corp to acquire e-commerce retailer True&Co
- Central and East Europe Report Package
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Outdoor performance apparel 2016: A broader perspective