Apr 2, 2019
Bonmarché to reunite with Peacocks after Philip Day bid
Bonmarché is set to become the latest small listed retailer to be taken over by a larger rival after retail entrepreneur Philip Day snapped up more than half the shares and made a cut-price bid for the remainder. Spectre Holdings, a vehicle controlled by Dubai-based Mr Day, acquired 52 per cent of Bonmarché's shares from a subsidiary of private equity group Sun Capital at 11.445p a share, a discount of 36 per cent to the previous day's close. The acquisition triggered a mandatory offer for the rest of the shares, and prompted a 22 per cent drop in Bonmarché's share price. Its shares have fallen by more than 83 per cent over the past year, including Tuesday's fall. The 82.5p bid price was a 77 per cent premium to the market, but still half the 164p at which it floated in November 2017.
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