Selfridges in takeover talks

By THIS IS MONEY
Updated:

 

DEPARTMENT stores group Selfridges said this afternoon it has received an approach regarding a possible offer for the company 'at a substantial premium to last night's closing share price of 244 1/2p'.

'The possible offer is subject to a number of conditions and there can be no assurance that an offer will ultimately be made. A further announcement will be made when appropriate', the company said in response to the movement today in its share price. There was no indication as to who is behind the offer.

Last month, the company announced pre-tax pofits for the year rose 8.2% to £40.7m, on turnover ahead by 11% to £444.9m.

It said its flagship Oxford Street store in London had overcome the effects of the congestion charge and the closure of part of the Tube network.

Selfridges has a four-year-old store in Manchester's Trafford Centre and will open a new Birmingham store later this year. A Glasgow store is on the way with others planned in Leeds, Bristol and Newcastle.

Today, Selfridges shares rose 13 1/2p to 258p, valuing the company at £347m.

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