Possible counter bid for Cortefiel

3i, Apax and PAI Partners are reported to be studying the possibility of launching a counter offer for the Spanish retail chain Cortefiel. According to Spanish press reports, each group has approached Goldman Sachs requesting financial information about the company. This follows the announcement by CVC Capital Partners earlier this month that it had launched a public offer to acquire Cortefiel SA. The company is the second largest clothing retailer in Spain, operating 863 stores including Cortefiel, Springfield, Womens' Secret and Milano. In a statement released by CVC, the group reports that it has reached an agreement with the majority shareholders to acquire their stake in the company and has launched a public tender offer to acquire 100% of the equity. CVC is offering E17.9 per share, which values Cortefiel at E1.4bn. The offer is subject to approval by the CNMV.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Southern Europe
• Consumer