Women's fashion retailer Jacques Vert shot up to a 52-week high after agreeing to a bid from an affiliate of US private investment firm, Sun Capital.
The retailer, which saw its shares dive at the end of November after a profit warning, looks set to go private after its directors agreed to a 21p a share cash offer from Miverva Bidco, a company set up specifically to buy Jacque Vert.
The terms, which have the backing of the Jacques Vert board, value the company at around £41.2m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Irrevocable undertakings to accept the offer have been received from the Jacques Vert directors in respect of shares representing around 1.2% of Jacques Vert's issued ordinary share capital.
Minerva Bidco is a wholly owned subsidiary of Minerva Holdco, which is an affiliate of Sun Capital, the US geared buy-out specialist focused on the retail and clothing sector.
Sun Capital says its industry expertise stems from owning a portfolio of retail and apparel companies, including a total of 19 companies operating in the sector with aggregate revenues of over U.S. $11.5bn per annum.
The shares rose 8.25p to 20.75p on the bid announcement.
--
jh
-
Watch out for fake Steven Bartlett video – you could lose thousandsScammers are trying to tap into the Trump tariffs chaos, but knowing what to look out for could save you thousands of pounds, says Kalpana Fitzpatrick
-
Can Donald Trump fire Jay Powell – and what do his threats mean for investors?Donald Trump has been vocal in his criticism of Jerome "Jay" Powell, chairman of the Federal Reserve. What do his threats to fire him mean for markets and investors?
