Next in talks with US investment firm about Arcadia bid - report
Clothing retailer Next is reportedly in talks with a well-known American investment firm about a joint bid to gain control of Philip Green's Arcadia Group, which owns Topshop, Burton and Miss Selfridge.
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According to Sky News, Next and Davidson Kempner Capital Management are engaged in detailed talks about a combined offer for Arcadia, which collapsed into administration last month.
Sky cited sources as saying the two companies were "likely, but not certain" to bid for Arcadia ahead of a revised deadline next Monday.
Under the plans being discussed by Next and Davidson Kempner, the US-based firm would provide the majority of the funding required to complete a takeover, Sky said, adding that David Kempner would probably own the majority of the business after any deal.
One source said that if a Next-Davidson Kempner offer was successful, a "substantial" number of Topshop stores would be able to keep trading.
Next was also understood to be holding talks with other financing partners, including private equity group Carlyle and specialist retail turnaround firm Alteri Investors.
Next declined to comment on the report.
At 1445 GMT, Next shares were down 1.6% at 6,812p.