Theo Fennell board recommends EME offer

The deal would see shareholders pocketing 12.5p in cash for each share, valuing the company's share capital at £2.9m and representing a premium of 100% on the company's closing share price of 6.25p on July 31.

The proposed transaction includes EME also taking home the Original Design Partnership company division, currently 20% owned by the parent company, 60% by company founder Theo Fennell and 20% by current and former senior management.

Following the deal, EME will apply to transfer the company into its portfolio and it will cease trading on AIM.

EME first bid for the company in September 2012 and, under Takeover Code rules, encountered numerous delays on the "put-up or shut-up" deadlines.

The deal comes after Theo Fennell issued a profit warning at the start of this year. The retailer's jewel-encrusted skull rings and earrings, priced between £3,000 and £15,000, failed to entice buyers during the typically buoyant Christmas trading period.

Company
Theo Fennell produces luxury jewellery, known for its witty design and favoured by celebrities such as Elton John and Cheryl Cole.

The company was established in 1982 and operates a flagship store in Fulham Road, London.

People
Theo Fennell is the founder and creative director of Theo Fennell. Rahan Shaheen is the partner at EME responsible for the deal.

Advisers
Equity – finnCap (Financial due diligence).
Management – Opus Corporate Finance (Corporate finance).

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• Topics
• Consumer
• UK / Ireland
• Buyouts
• United Kingdom