UK: Mothercare upbeat as Destination Maternity withdraws bids
Mothercare turned down the 300 pence per share offer earlier this month
Mothercare turned down the 300 pence per share offer by the US group earlier this month for not reflecting the inherent value of the company, a decision that was backed by investors Allianz Global Investors and Fidelity Worldwide.
In a response at the weekend, Destination Maternity said it was withdrawing its proposal for a possible combination with Mothercare, adding that it was unwilling to increase the value of its proposal.
In a filing with the London Stock Exchange this morning (28 July), Mothercare said it has had no contact with Destination Maternity since 3 June.
It added: "As announced in the trading update on 17 July, with the appointment of Mark Newton-Jones as chief executive, Mothercare is now fully focused on the company's plan to turnaround the UK business and to continue its strong international growth. The board remains confident in the ongoing execution of Mothercare's strategy as an independent company."
Mothercare officially welcomed Newton-Jones into the fold on 17 July as the group revealed its UK performance was beginning to stabilise.
Since late May, the group's shares have more than doubled. However, Mothercare has struggled to turn its ailing UK business around.
Click here to read just-style's analysis on the group's troubles and analysts' thoughts on its prospects.
Destination Maternity Corporation (DMC) is a specialty designer and retailer of maternity clothing. The company's stores offer tops, bottoms, lingerie, coats, swimwear, active-wear, sportswear and bea...
Introduction Childrenswear in the Czech Republic industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2009-13, and......
Introduction Childrenswear in the Netherlands industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2009-13, and fo......
Introduction Childrenswear in Belgium industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2009-13, and forecast t......
- Why China 5-year plan won't change garment-making
- Jordan garment sector strong amid regional unrest
- Navigating a turbulent sourcing landscape
- Supply chains under pressure as Black Friday looms
- C&A building brand loyalty through consistent fit
- US Q3 in brief: DSW, Chico's, Abercrombie & Fitch
- Adidas has greenest textile supply chain in China
- Global clothing and footwear trade to drop by 1.5%
- Cambodia living wage campaign kicks off
- New Balance launches first 3D printed running shoe
- Wearable technology: The future market potential for smart garments and e-textiles
- Practical Brand Sourcing Strategy
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Technical Textile Markets: Product Developments and Innovations - 2nd Quarter 2015
- Statistics: Trends in Global and Regional Man-made Fibre Production - 2015