Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Drapers Share monitor - Directors block buyout bid at Alexon

Alexon Group directors rebuffed attempts by chief executive John Osborn to buy the company, saying the offer - believed to be a little over 211.5p per share - undervalued it. The share price dipped 3p to 205p.

Sainsbury's stock also remained relatively stable, rising 2p to 518p, after former chairman Lord Sainsbury of Turville brought a 7.75% stake back under his control, fuelling speculation that he could sell shares if the mooted bid for the company from a consortium of private equity firms is made. However, industry insiders suggest that Lord Sainsbury is likely to follow management advice on the deal.

Things became rosier for sportswear retailers after confirmation that Sports World would go ahead with its £2 billion float. JD Sports saw stock rise 18.5p to 403.75p, while JJB Sports was unaffected by pending legal action over price fixing in 2000 and 2001, as shares rose 4p to 255.5p.

News that Tesco was to expand its non-food website Tesco Direct, adding about 2,000 more styles and launching a much bigger catalogue next month was met with almost no response from the City. Shares fell 1.75p to 436.5p.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.