Unbound Group shares double after bid approach for over-55s fashion retailer
Unbound Group, the owner of the Hotter Shoes brand, has confirmed it is in discussions with WoolOvers Group “in relation to a possible cash offer” for the issued share capital of Unbound.
WoolOvers is a knitwear and lifestyle brand that targets a similar customer demographic to Hotter – financially resilient 55+ consumers. The company operates online across the UK and internationally. Earlier this month it acquired the Scotts Ltd business in a pre-pack deal.
Stock in Unbound Group doubled in value after it said it is considering a bid approach that values the business at £6.8mln.
The 10.25p a share offer from WoolOvers Group represents a 162.5% premium to Monday’s close and is still 28% ahead of the current price of 8p.
Unbound said it would be “minded” to accept the deal if a firm offer is made for the business.
The group has been beset by trading difficulties exacerbated by last summer’s heatwave and Royal Mail strike action.
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