Boost for Lord Kirkham’s DFS bid
Share sales increase chances for offer
The offer for furniture retailer DFS from founder Lord Kirkam has been boosted by the sale of almost 18 per cent of shares to fund managers supporting the bid.
The shares were sold to short-term hedge fund managers by DFS’s biggest shareholder Newton Investment Management, who held 10.6 per cent of shares, as well as Jupiter Asset Management which sold 4.6 per cent and New Star Asset Management which sold 2.5 per cent.
The shares were sold at 450p each, 5p below Lord Kirkham’s 455-a-share offer, which values the business at 509m.
A Newton spokesman said: “We have made it clear throughout this process that we are acting in the best interests of our investors, and in selling our holding we believe we have done so.”
Lord Kirkham issue a statement which said: “Newton was our largest shareholder and has been a knowledgeable and supportive investor since the company floated 10 years ago. We would like to thank them for their support.”
