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Abercrombie & Fitch reportedly "in play"

Wednesday, May 10, 2017 13:57

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Fashion retailer Abercrombie & Fitch Co. (NYSE:ANF) has reportedly hired bankers to handle takeover approaches.

Shares strutted 10.97% higher to US$14.07 in early US trade after Reuters reported Abercrombie has been working with investment bank Perella Weinberg Partners to field bids from other retailers.

With shares trading at a 17-year low as fierce competition weighs on profits, Abercrombie has become a takeover target.

The company’s logo-stamped t-shirts and sweaters were once popular among teenagers but have lost their fashion appeal. Operating income fell to US$15.2mln last year from US$72.8mln in 2015 amid competition from fast-fashion and online rivals.

Sources told the media outlet there was no certainty a deal would happen. Abercrombie and Perella both declined to comment.

Shares in the preppie clothing company rose 12.2% on Wednesday to close at US$14.22, valuing the company at US$970mln.

Story by ProactiveInvestors

Source: http://www.proactiveinvestors.com/companies/news/177600/abercrombie-fitch-reportedly-in-play--177600.html

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