Laura Ashley confirms it has not received a takeover bid
Fashion and homewares retailer Laura Ashley has confirmed that it has not received any takeover offers following media speculation that businessman Michael Flacks is interested in taking the company private.
The move follows an article in The Telegraph in which it was reported that Flacks was to approach Laura Ashley’s Malaysian controlling shareholders regarding a potential takeover bid. It also said that Flacks believes that the brand is undervalued.
In response to the speculation, Laura Ashley chairman Andrew Khoo said in a statement that the company’s major shareholders had no intention of divesting their shareholding in the business.
Khoo added: “As far as I am concerned, there is no takeover bid because there has been no approach whatsoever. If and when an approach is made, the board will discharge its duties as always and assess it on its relative merits.
“Whilst I understand why potential parties would think we are significantly undervalued, I have complete confidence that we will be able to grow profitably and in a sustainable manner so as to create long-term value for our shareholders. We remain just as committed and passionate about this well-loved brand as when we first decided to invest in Laura Ashley over 20 years ago.”
Last week Laura Ashley warned that its full year performance is likely to be below market expectations following difficult trading conditions in its first half.
