French Connection agrees £29m takeover bid from second-largest shareholder

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Retailer French Connection has accepted a £29 million offer from one of its biggest shareholders to take the company private. The offer, at 30p per share, is around 92% higher than French Connection’s share price in February, before the company started looking for a buyer. We are looking forward to working with French Connection’s management to execute and implement MIP’s strategic plans to facilitate the future growth and profitability for the business.” This is an appropriate time for me to step back from the business that I founded in 1972 Stephen Marks, French Connection Mr Marks said: “Over the last five years, French Connection has made significant progress in its plans to rationalise the size of its store portfolio and to return the French Connection Group to profitability. “It was always our intention to look at the most appropriate ownership structure for the business once it was back on track, and, having conducted a formal sale process, the French Connection board has concluded that the offer being made by MIP is fair and reasonable.” He added: “When the transaction closes, I will retire from French Connection.