22nd Mar 2019 16:58
LONDON (Alliance News) - Flacks Group LLC said Friday it does not intend to make an offer for Laura Ashley Holdings PLC.
In February, Flacks Group confirmed it was in the "very preliminary stages" of evaluating a potential offer for home furnishing and fashion retailer Laura Ashley.
The offer was expected to be in cash for a maximum of 2.748 pence per Laura Ashley share, valuing the company at GBP20 million. This price, Flacks suggested, was final and would not be increased or decreased.
Laura Ashley expressed disappointment at the offer, saying it "substantially undervalued" the company.
Shares in Laura Ashley closed down 7.1% Friday at 2.75 pence each.
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