3rd Feb 2017 06:47
LONDON (Alliance News) - Fashion retailer French Connection Group PLC revealed on Thursday that Sports Direct International PLC has acquired an 11% stake in the business.
In a stock exchange filing, French Connection said Sports Direct, the mid-cap sports clothing and equipment retailer, has acquired 10.7 million shares, or an 11.16% stake in the company.
French Connection Executive Chairman Stephen Marks back in October denied a report that the company had attracted attention from potential bidders, following a Daily Telegraph article which said French Connection had hired investment bank Moelis & Co to advise it on overtures from European and US private equity companies.
Marks founded French Connection in 1972 and still owns around 42% of the company. That echoes the situation at Sports Direct, where Mike Ashley, its founder and now CEO, still owns about 55% of the company.
By Sam Unsted; [email protected]; @SamUAtAlliance
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Related Shares:
Sports DirectFCCN.L