Next, U.S. Fund Tipped to Lead Topshop Bid, Sunday Times Says
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Clothing chain Next Plc, which is partnering with U.S. hedge fund Davidson Kempner, is seen as the frontrunner to buy Topshop, the Sunday Times reported.
Bidding for the high-street retailer, expected to fetch more than 200 million pounds ($272 million), ends tomorrow, according to the report that didn’t cite the sources of its information.
Other bidders include Authentic Brands Group LLC, which teamed up with JD Sports Fashion Plc, Mike Ashley’s Frasers Group Plc and online retailer Boohoo Group Plc, the paper reported.
Topshop owner Arcadia Group Ltd. filed for insolvency in November and appointed Deloitte as administrators of the proceedings.
In late December, the administrators agreed to sell Arcadia-owned Evans brand and Evans eCommerce to City Chic Collective for about 23 million pounds.
Read more: Next Puts Brave Face on U.K. Lockdown, Seeing Rebound From July
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