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Investors Seek To Up Stake in Regent Street Brand

LONDON-Dawnay Day has approached the board of retailer Austin Reed about a possible euro 61.8-million ($78.3-million) takeover.

By Anita Howarth | Updated on September 12, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

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.

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