Elliott Advisors Weighs $2.67 Billion Buyout of The Very Group in the UK
Overview of the Potential Buyout Deal
June 11 (Reuters) - U.S.-based investment firm Elliott Advisors has joined bidders considering a takeover of The Very Group in a deal that could value the British online retailer at £2 billion ($2.67 billion), Sky News reported on Thursday.
Background and Recent Developments
Here are more details:
Competing Bids and Market Expansion
• Sky News had reported in May that Chinese e-commerce giant JD.com was evaluating a potential £2 billion bid for The Very Group, in a push to expand in the UK market.
The Very Group’s Business and Brands
• The Very Group, previously known as Shop Direct, sells clothes, electronics and home goods to customers mainly under the Very and Littlewoods brands.
Ownership Changes and Takeover Interest
Recent Acquisition by Carlyle
• The takeover interest in the retailer comes after U.S.-based Carlyle took control of the group last year, ending the Barclay family's 20-year involvement with The Very Group.
Current Status and Responses
• Elliott, Carlyle and The Very Group did not immediately respond to a request for comment. Reuters could not immediately verify the report.
Additional Information
Exchange Rate
($1 = £0.7486)
Reporting Credits
(Reporting by Neeshita Beura in Bengaluru; Editing by Shreya Biswas)
