N Brown Group is set to be taken private after its board agreed to recommend that shareholders accept the 40p per share offered by Falcon 24 Bidco, a new company created and controlled by Joshua Alliance, to acquire the shares not already owned by or controlled by him. The £191m deal has the backing of Frasers Group which is a major shareholder as well as the Alliance family which holds a controlling stake.
Joshua Alliance, who joined N Brown in 2014, said: “My family have been supporters of N Brown for over half a century, providing capital and having been involved in the strategic leadership of the business. I am delighted to continue that history. This transaction will support N Brown in accelerating its long-term growth potential and provide, where needed, access to additional capital, expertise and resource to accelerate the longer-term potential of the business.
“In the business’ current cycle of evolution, we will be able to achieve this growth potential more successfully away from the public markets.”
It later emerged that Very Group had also tendered an offer for N Brown but that it fell short of the higher offer tendered by Falcon 24 Bidco.
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