Bid rumours boost New Look
Speculation over Singh family stake
August 2 2003
Fashion retailer New Look saw it share price surge 13 per cent as the City rected to ever-stronger rumours that a bid for the UK’s third largest womenswear retailer is imminent.
Tom Singh, founder of the business, announced last month that he had appointed independent financial advisers to review his family’s 28.8 per cent shareholding in the business.
There have been suggestions in some quarters that a bid of between 320 to 330p a share has already been informally tabled for the Singh stake. The City has also suggetsed that a full takeover offer or management buyout is waiting in the wings to take the business private. New Look shares closed on Frday at 315p.
The Singh family sold a stake in New Look amounting to around 5 per cent last November. At the time, Singh agreed that no more of the family stake would be sold for a year.
