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(Alliance News) - French Connection Group PLC on Monday said FTSE 250-listed Frasers Group PLC has sold its entire 25% interest in the company.
On Friday, French Connection announced it received two separate takeover approaches from Spotlight Brands LLC in conjunction with Gordon Brothers International LLC and Go Global Retail in conjunction with HMJ International Services Ltd.
French Connection was trading 16% higher at 29.80 pence each on Monday morning in London, giving it a market capitalisation of GBP28.6 million. Shares in the London-based fashion retailer, soared 74% on Friday to 27.20p each.
According to UK takeover rules, Spotlight Brands and Go Global Retail are required to either announce a firm intention to make an offer or walk away by March 5. On Friday, French Connection said talks with both companies remain at a very early stage, and there can be no certainty that an offer will be made, nor any offer terms.
On Monday, the company said Sports Direct owner Frasers Group sold its entire 25% stake - comprising 96.6 million shares - which was bought in 2017. The disposal occurred during a transaction on Thursday.
Frasers shares were down 4.0% at 458.60 pence each in London on Monday around midday.
By Ife Taiwo; ifetaiwo@alliancenews.com
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