French Connection in takeover talks
Retailer French Connection has revealed it is in takeover talks after receiving an approach worth £29 million.
The fashion chain said it had received a potential cash offer worth 30p a share from a consortium including its second largest shareholder, Apinder Singh Ghura, as well as Amarjit Singh Grewal and KJR Brothers.
The approach marks a 30% hike on the stock’s closing share price of 23.1p on Wednesday.
Mr Singh Ghura has a stake of more than 25% in French Connection after he bought the holding from Sports Direct’s Mike Ashley in February.
French Connection, which kicked off a formal sales process in March, said the bid discussions are ongoing.
The fashion brand was founded by chairman and chief executive Stephen Marks in 1972 but has seen sales impacted by the turmoil on the high street in recent years, with the coronavirus pandemic adding to its woes.
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