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.
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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.
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