LONDON — Canadian billionaire Galen Weston said he’s gained control of British department store group Selfridges, but there’s still some regulatory red tape to break.
Weston’s acquisitions vehicle, Oxford Acquisitions Ltd., said in a statement on Monday that it now controls or will soon control 133,610,863 shares, representing 86.5 percent of the existing share capital of the company, making Weston’s offer “unconditional as to acceptances.”
Although Weston officially won the London-based company when he had 50 percent of shares in hand, as reported, U.K. takeover regulations state that a bidder must acquire at least 90 percent of a company’s shares to have the offer declared unconditional in all respects. The latest statement said the offer would remain open for acceptance until further notice.
Selfridges did not comment on Monday’s statement. As reported, Weston’s offer of $1.14 billion for the company was recommended by the Selfridges board.
The bid by Weston values the department store chain at approximately $965 million. In addition, Oxford Acquisitions plans to assume Selfridges’ net debt of $49 million. Dollar figures have been converted from the pound at current exchange.
Getting control of the remaining shares needed for the offer to be declared unconditional is a relatively minor concern compared with the hurdle cleared earlier this month when Aletheia Partners, a consortium backed by Iranian property tycoon Robert Tchenguiz, said it was no longer planning a rival bid for the store.
Etro’s show, titled “The Tree of Life,” was a celebration of the house’s 50th anniversary. “My father founded the company in 1968, which was the year of counterculture and psychedelia. It’s really a show that celebrates that and the paisley design of India and its origin,” said Veronica Etro. #wwdfashion #mfw #ss18 (📷: @delphineachard)
For @msgm’s spring 2018 show, creative director @massimogiorgetti said “Words, sounds, colors. Synthesis and therapy of a collection,” were the inspirations behind the collection, showing today. Read the rest of Milan spring 2018 inspirations on WWD.com. #mfw #wwdfashion #ss18
For her first solo album in over 10 years, Fergie tapped Carine Roitfeld, Mert and Marcus, Giovanni Bianco and more to create a fashion-focused video approach for the record, Double Dutchess. "Giovanni really helped me get back in touch with my tomboy side, my hardside," said the singer. #wwdeye #wwdfashion ( : @slovekinpics)
“Volumes and Graphic Art of the Nineties are the main inspirations of the new Aquilano.Rimondi SS 2018 collection,” said cocreative directors Tommaso Aquilano and Roberto Rimondi. #wwdfashion #mfw #ss18