British carpet retailer Carpetright has agreed to the takeover bid by its largest shareholder, asset management company Meditor.
15.2 million pounds
At the end of last month, it became known that Meditor had made an offer of 5 pence (6 eurocent) per share on the carpet vendor. According to Retail Gazette, Carpetright will now accept the bid. The deal values the company at 15.2 million pounds (18 million euros).
Carpetright is struggling with a debt of 56 million pounds (65 million euros) and closed eighty branches last year. The chain currently has 330 stores, a third of which are located in Belgium and the Netherlands. Meditor currently holds just under 30 % of shares and is already the company's main shareholder. Earlier this year, Meditor already took over 40.7 million pounds (45 million euros) of debt from the flooring chain.