Retail Human Resources plc
Matalan's founder plans bid for the company
03 July 2006 08:58
Matalan’s founder and chairman John Hargreaves is forming a bid that will take the company private. The bid offer is expected this week, and may be made later today. Matalan has seen profits fall by 55% recently, suffering from the discount clothing ranges offered by supermarkets and high street retailers. Mr Hargreaves’s bid is expected to be at around 170-180 pence per share. However, the Matalan board has expressed concern over Mr Hargreaves’s alleged attempts to reduce dividends in order to reduce the cost of the business. This led the board to release a statement last week criticising Hargreaves’s tactics.
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