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

MANews-(C)2009-2011

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

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Publication:M & A Navigator
Date:Dec 19, 2011
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