French Connection has revealed it is in takeover talks after receiving an approach worth £29 million.
The fashion chain said it had received a potential cash offer worth 30p a share from a consortium including its second largest shareholder, Apinder Singh Ghura, as well as Amarjit Singh Grewal and KJR Brothers.
The approach marks a 30% hike on the stock’s closing share price of 23.1p on Wednesday.
Mr Singh Ghura has a stake of more than 25% in French Connection after he bought the holding from Sports Direct’s Mike Ashley in February.
French Connection, which kicked off a formal sales process in March, said the bid discussions are ongoing.
