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LONDON-Guy Naggar and Peter Klimt, owners of property group Dawnay Day Corporate Finance, have made a euro 61.8-million ($78.3-million) takeover approach to Austin Reed, one of Britain's oldest clothing retailers. A Dawnay Day statement says the firm has approached the board of the retailer to seek its recommendation on a possible cash offer.
But Day officials simultaneously warned that the approach "did not amount of a firm intention to make an offer and, accordingly, there is no certainty that an offer will be made." Austin Reed was not immediately available for comment.
Dawnay Day has combined assets of more than $3 billion, and its property-investment and fund-management business is focused mainly on Great Britain, continental Europe, India, Russia and the Middle East.
The move comes three years after Naggar and Klimt began building a stake in the 106-year old British retailer. They already own 29.9% of Reed. Their main interest is said to be in the retailer's flagship store on Regent Street, here. The asset is valued at euro 35.3 million ($44.8 million), more than half of Austin Reed's market capitalization.
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