UK: House of Fraser tight-lipped on takeover talks
House of Fraser has refused to be drawn on reports Chinese conglomerate Sanpower Group has placed a surprise bid for the UK department store retailer.
According to a report in The Times newspaper, the offer values House of Fraser at more than GBP450m (US$749.2m). The report added that the two companies have been in secret talks for several months.
Sanpower's offer is understood to have been accepted by House of Fraser chairman Don McCarthy, and has been presented to the retailer's other investors for approval.
But a spokesperson for House of Fraser declined to comment on the matter when contacted by just-style this morning (31 March).
The report comes two months after House of Fraser was rumoured to have hired advisers ahead of a potential initial public offering (IPO).
House of Fraser, which operates 61 stores, hailed its "best ever" Christmas trading period earlier this year, after it was boosted by strong fashion and online sales.
This report provides information, analysis and valuable insight on developments relating to the global apparel industry in the following categories: acquisitions, divestments and mergers; corporate so...
Online retailer Shop Direct, operator of the Very and Littlewoods brands, has tapped Gap's European buying director Zoe Matthews as its first fashion director....
The UK’s department stores are investing in the modernisation of their outlets with the aim of making them more attractive to consumers and incorporate aspects of multichannel retailing more effective...
- MYANMAR SNAPSHOT: Textile and apparel industry
- Clothing seen as central focus for new Tesco CEO
- Alliance members buy more products from Bangladesh
- Indian apparel exporters discuss policy changes
- VF Corp bullish for second-half growth
- Crystal Group improves worker communication
- TIMELINE: Charney ousting from American Apparel
- Columbia Sportswear fined for mislabelled clothing
- VF Corp books "solid" Q2 performance
- “Made in USA” company rapped for deceptive claims
- Global market review of denim and jeanswear – forecasts to 2020
- Management briefing: Sourcing shifts: Changes and challenges
- Ethiopia – the emerging textile and clothing industry
- American Eagle Outfitters, Inc. : Reacting to a need for change
- Plunkett's Apparel & Textiles Industry Almanac 2014: Apparel & Textiles Industry Market Research, Statistics, Trends & Leading Companies