Clothing retailer Next is reportedly in talks with an American investment firm about a joint bid to takeover Arcadia Group.
According to Sky News, Next and Davidson Kempner Capital Management are holding detailed discussions about a combined offer for Philip Green’s Arcadia, which collapsed into administration last month.
Under the plans being discussed by the two companies, Davidson Kempner would provide the majority of the funding required to complete a takeover.
A sale process being run by Deloitte, Arcadia’s administrator, has drawn interest from bidders including Mike Ashley’s Frasers Group.
Interested parties have a revised deadline of Monday to enter bids for the retail group – which includes Topshop, Burton and Miss Selfridge.
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