Talks at early stage
AIM-listed store group Floors-2-Go has received a takeover approach from an unnamed bidder.
The retailer revealed it is 'in very early stage discussions which may or may not lead to an offer being made for the company'.
In September Floors-2Go's interim results showed pre-tax profits down 22.5 per cent to£580,000 million on turnover down 2 per cent to£35.7 million. Like-for-likes slumped by 8.6 per cent.
Seymour Pierce analyst Richard Ratner said he was surprised at the approach, 'given the company's rather chequered record, but more importantly because it is a commodity product retailer.'
He believed it could attract a price of 33p per share. In the last week the retailer's share price rose more than seven per cent to 32p.
No comments yet