Prodos reportedly misses condition on Gianfranco Ferre's takeover.
US private equity firm Prodos Capital Management is said to have missed the meeting of a major condition related to the takeover of Italian fashion house Gianfranco Ferre, Reuters reported quoting two sources in the know.
The deadline for meeting the condition, which stipulated inking a commercial contract with Samsung (SEO:005930), was 26 December, Reuters said.
Prodos got an approval to take over Gianfranco Ferre in November. The troubled fashion house was placed under administration in order to be saved from insolvency. It is currently owned by Italian luxury goods group IT Holding (BIT:ITH).
Now Ferre's special commissioners will look into the next steps necessary for the divestment of the firm, Reuters added.Country: , ItalySector: Clothing/TextilesTarget: Gianfranco Ferre SpABuyer: Prodos Capital Management LLCVendor: IT Holding SpAType: LBOStatus: AgreedComment: Prodos reportedly defaults on main condition for the takeover.
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|Publication:||M & A Navigator|
|Date:||Dec 28, 2010|
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