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If Boo is rebuffing Frasers offer of financing, and bidding for RevB, it suggests its financial position is stronger than recent articles indicate (e.g., refund issue).

Alternatively, this could be a poor capital allocation decision.

Frasers should just put forward a cash bid for Boo.

Interesting.

This suggests Boo is preparing a bid to be paid in Boo stock.

And it has financing already in place and is rebuffing Frasers offers.

I think to the right owner, labels would have value. Frasers being the obvious choice as it experiments with new retails concepts under one roof. Under Boo, labels are not doing well. Boo would be mindful to enter into a strategic JV with such a partner.

Most takeover offers have an acceptance level clause, typically 75%. Frasers could bid knowing Boo probably wouldn't accept.

I wonder if Frasers were the original bidder?

The fact that Boo has postponed its results suggests it is someway involved in this bidding process and is not a spectator.

Give it to Frasers.

He is not bidding 7p though.

The operative word in the Sky News opening sentence being:

“Cut-priced”

There is no bun fight for RevB.

Quid Pro Quo:

1) Debs offers RevB equity holders 7p a share paid in DEBS stock

2) Debs takes over RevB debt of £25m

3) Fraser's provides favourable funding to Boo for £175m and Boo pays off RCF

4) Frasers debt is convertible to equity at 50p a share for next 2 yrs.

Everyone happy!

If Boo bids more than 7p, I be livid.

Bfd - he is talking about RevB RCF maturity.

Debt holders running the show.

Maybe offer RevB a stock offer at 7p paid in a Boohoo share, and Boo refinances the £25m?

That’s being generous.

Let’s face it, Boo is in no place to acquire RevB. Maybe they find a Quid-Pro-Quo with Frasers.

Ultimately we just want the share price to rise. It has so far lost a third under Dan.

Let Frasers bid but don’t sell RevB stake.

Dan be better off focusing on Boo than this big swing **** contest.

I think Frasers has the upper hand here.

I don’t think at £45m EV that there are bidders clambering for RevB.

Boo obviously owns 29% (inc concert parties) and are sitting on loss. They are at behest of debt holders as well as shareholders who are unhappy with poor capital allocation. Dan a newbie and in no position to acquire. His job is to turnaround.

Frasers can come in with cheeky bid for equity for RevB. Admittedly Boo won’t sell at c4p a share. But debt holders are in control.

Ashley has liquidity to bid and humiliate Kamani either way lowball offer. Equity holders have no choice. Debt holders will decide who underwrites their £25m in debt.

Debs either has to outbid, or let debt holders decide.

Debs buys RevB underwritten by Frasers debt. Fraser’s debt can be converted to equity at later stage.

With a £45m enterprise value for RevB, I don’t think the valuation is a steal. Frasers modus operandi is to opportunistically bid for distressed assets. However, I suspect they are using this tactic as leverage for a bigger prize. It would make more sense to focus on DEBS and get RevB indirectly.

If Debs are bailing out RevB, then I would hope Kamani also steps down.

As you all know, I like to hypothesise.

So Kach was told by IR that FY results was early June. I would say that definition is stretched.

I am giving more credence to the possibility that DEBS results will come after RevB offer period closes.

I think it is also becoming more probable that no one is willing to take on RevB’s enterprise value. I question RevB’s equity. I also believe that creditors are in charge of RevB’s future, not equity holders. The best outcome for said creditors is if DEBS take on debt. The alternative for both creditors and equity holders of RevB are grim.