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Dickson Poon Plans New Bid For Harvey Nichols

LONDON — Dickson Poon may have found a way to outsmart Deutsche Bank in his bid to take control of Harvey Nichols, and eventually pull the store off the London Stock Exchange. <br><br>On Friday, sources said Poon intends to launch a new bid for...

LONDON — Dickson Poon may have found a way to outsmart Deutsche Bank in his bid to take control of Harvey Nichols, and eventually pull the store off the London Stock Exchange.

On Friday, sources said Poon intends to launch a new bid for Harvey Nichols that would not necessarily require the approval of Deutsche Bank, the retailer’s largest institutional investor.

Under the terms of the proposed new bid, the sources said, Poon would settle for ownership of 75 percent of Harvey Nichols at $3.85 a share, rather than 100 percent. Poon now owns 50.1 percent of Harvey Nichols.

Spokesmen for both Poon and Harvey Nichols declined to comment. However, sources close to Nichols said its shareholders will still meet today, as planned, but are likely to adjourn without voting on Poon’s original proposal of $3.85 per share for 100 percent of Nichols. The shareholders meeting originally was called so they could vote on that bid.

Deutsche Bank now holds 15 percent of Harvey Nichols, the equivalent of 30 percent of shares currently traded on the London Stock Exchange.