P.M. BRIEFING : Laura Ashley Holdings to Sell 15% Stake to Japanese Retailer
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LONDON — Laura Ashley Holdings PLC will sell a 15% stake in itself to a Japanese retailing group for $58.3 million, the company said today.
The British retailer said it will sell 35.2 million newly issued shares of its stock to the Aeon Group of Japan for 29.9 million pounds. The price represented a 73% premium over what its shares closed at Tuesday.
The agreement is being carried out through Aeon’s British subsidiary Jusco Co. Ltd.
Laura Ashley will also sell 53% of its equity in its U.S. retailing subsidiary, Revman Industries Inc., the companies said.
Aeon will take 48% and Revman management 5%. The deal values the whole of Revman at $35 million, they said, and leaves Laura Ashley with a 47% stake.
Laura Ashley lost 4.6 million pounds, or $8.97 million, before taxes for the year ended Jan. 27. It also reported debts of about $195 million.
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