LONDON — Tom Singh, the founder and shareholder of reference at New Look, has made a preliminary offer for the company, according to a statement issued Monday. New Look, the fast-fashion, high street retailer, said its board was considering...
LONDON — Tom Singh, the founder and shareholder of reference at New Look, has made a preliminary offer for the company, according to a statement issued Monday. New Look, the fast-fashion, high street retailer, said its board was considering Singh’s proposal, but there was no certainty a firm offer would materialize. As reported last month, Singh, whose family owns 28 percent of the company, had confirmed he was in talks with backers aimed at making a bid. According to sources here, Singh’s offer is for $5.18 per share, or 3.29 pounds, valuing the company at $1.04 billion, or 662,491,823 pounds. All figures are converted from the pound at current exchange rates. The sources said Singh’s backers include the private equity funds Apax Partners and Permira — which has recently tabled a bid for Debenhams. Both companies have declined to comment. New Look is the U.K.’s third largest women’s wear retailer with annual sales of just over $1 billion, or 637,013.859 pounds. It has more than 700 stores in the U.K. and France. The latest flagship opened on Oxford Street late last month.
New Look closed at $5, or 3.18 pounds on the London Stock Exchange, up 2.74 percent from Friday’s close.
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