July 29, 2019 / 6:12 AM / 3 months ago

Main owner Mellby Gard makes bid for Sweden's Kappahl

STOCKHOLM, July 29 (Reuters) - Investment firm Mellby Gard said on Monday it had offered to buy fashion retailer Kappahl for 20 crowns per share in cash, valuing the company at 1.54 billion crowns ($161.6 million).

Mellby Gard, which currently has a 29.6% stake in Kappahl, said it would not raise the bid, which represents a premium of 43% to the closing price of 13.99 crowns for Kappahl shares on July 26.

“Based on our experience and history with the company, we want to create opportunities to deal with the significant challenges that face both the retail- and the clothing market,” Mellby Gard Chief Executive Johan Andersson said in a statement.

$1 = 9.5029 Swedish crowns Reporting by Helena Soderpalm; Editing by Kirsten Donovan

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