Mike Ashley’s Frasers Group has sold its 25 per cent stake in fashion retailer French Connection, following the announcement of two potential takeover bids.
In a statement to investors last week, French Connection confirmed that it was in early discussions with two potential suitors: Spotlight Brands, in conjunction with Gordon Brothers International, and Go Global Retail in conjunction with HMJ International Services.
The retailer said: “Discussions with both Spotlight and Go Global remain at a very early stage. Accordingly, there can be no certainty that an offer will be made, nor as to the terms on which any offer might be made (although any offer is likely to be in cash).”
Spotlight and Go Global have until 5pm on 5 March to make a firm offer.
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