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(Sharecast News) - Mike Ashley's Frasers Group has sold its stake in fashion retailer French Connection.
According to a regulatory filing on Monday, Frasers Group - formerly Sports Direct - sold its entire 24.93% stake in French Connection on Thursday, a day before the retailer said it was in talks with two potential suitors.
Responding to a jump in its share price on Thursday, the company said it had received an approach from Spotlight in conjunction with Gordon Brothers International, and Go Global Retail in conjunction with HMJ International Services.
Discussions with both parties are still "at a very early stage", it said in the brief statement last week, adding that there can no certainty that an offer will be made, nor as to the terms on which any offer might be made. However, it did say any offer was likely to be in cash.
At 1100 GMT, French Connection shares were up 16% at 29.80p, while Frasers shares were down 4.4% at 456.40p.
Today 11:49
Morgan Stanley, Frasers settle UK lawsuit over $1 bln margin call
LONDON, May 3 (Reuters) - British retail tycoon Mike Ashley's Frasers Group has withdrawn its London lawsuit against Morgan Stanley over a nearly $1 billion margin call, a spokesperson for the Wall Street bank said on Friday.
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