{"id":184690,"date":"2021-11-02T10:11:14","date_gmt":"2021-11-02T10:11:14","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=184690"},"modified":"2021-11-02T20:26:00","modified_gmt":"2021-11-02T20:26:00","slug":"french-connection-shareholders-agree-to-29-million-takeover","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/french-connection-shareholders-agree-to-29-million-takeover\/","title":{"rendered":"French Connection shareholders agree to \u00a329 million takeover"},"content":{"rendered":"<p><strong><a href=\"https:\/\/www.theindustry.fashion\/the_directory\/french-connection\/\"><span style=\"color: #ff0000;\">French Connection<\/span><\/a> shareholders have accepted a \u00a329 million takeover bid from its second-largest shareholder, taking the company private for the first time since 1983.<\/strong><!--more--><\/p>\n<p>The fashion retailer said it had negotiated a deal with Apinder Singh Ghura, who already owns around 25.4% of the business after he bought the holding from Sports Direct's Mike Ashley in February.<\/p>\n<p>The Newcastle-based businessman will buy the company through MIP Holdings, which he controls alongside Amarjit Singh Grewal and KJR Brothers Limited. The consortium has offered \u00a30.30 ($0.41) in cash for each of the fashion retailer\u2019s scheme shares if the deal, which requires final court approval, becomes effective.<\/p>\n<p class=\"dcr-s23rjr\">French Connection chief executive, Stephen Marks, who co-founded the chain in 1972 and <strong>remains the company's largest shareholder with a 41.5% stake, is set to receive about \u00a312 million for his stake in the retailer.<\/strong> Marks announced that he will step down from his role once the deal is completed.<\/p>\n<p>The consortium face a battle to revive the brand, which was once highly sought after with its infamous FCUK branding that launched in the 1990's.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":99,"featured_media":181289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10488,10585,20821,6,10494],"tags":[11222,10090,35,16856],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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