Printer Friendly

Jacques Vert agrees to be bought by Sun Capital's Minerva Bidco.


19 December 2011 - British ladiesa[euro](tm) fashion wear retailer Jacques Vert (LON:JQV) has accepted the GBP0.21 (USD0.33/EUR0.25) a share takeover offer from Minerva Bidco Ltd, a unit of US private equity firm Sun Capital, the parties said in a joint statement on Monday.

The bid, a premium of around 68% to Jacques Verta[euro](tm)s closing price on 16 December, values the retailer at some GBP41.2m, the companies said.

Sun Capital, which owns 19 sector companies, plans to take Jacques Vert private through the deal.

The offer is subject to Minerva Bidco securing at least 90% in the target company by closing of the offer, after which date it is to buy the remaining shares through a compulsory procedure. So far, it has received commitments from shareholders holding some 1.2% in Jacques Vert, it said.

The deal will be financed with already ensured debt funding.

Jacques Vert sells its brands in the UK, Canada and IrelandA atA some 900 shops, with each brand selling through its own website.

Hawkpoint (LON:CSHP) has advised Jacques Verta[euro](tm)s board, which said it found the offer to be fair to shareholders.Country: UK, Sector: Clothing/Textiles, Wholesale/RetailTarget: Jacques Vert PlcBuyer: Minerva Bidco Ltd, Sun Capital Partners IncDeal size in USD: 64mType: P2P, LBOFinancing: DebtStatus: Agreed, Bidding

COPYRIGHT 2011 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M & A Navigator
Date:Dec 19, 2011
Previous Article:VW gets EU nod to buy Polish car importers.
Next Article:UAE's Etihad to raise Air Berlin interest to 29.21%.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters