Elliott mulls $2.67 billion takeover of UK's The Very Group, Sky News reports
Overview of Elliott Advisors' Interest in The Very Group
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 Bidders 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 Stakeholder Responses
• 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.
Comments from Involved Parties
• The Very Group and Carlyle declined to comment, while Elliott did not immediately respond to a Reuters request for comment.
Additional Information
($1 = £0.7486)
(Reporting by Neeshita Beura, Unnamalai L and Tuhina in Bengaluru; Editing by Shreya Biswas)
