UK jeweler Theo Fennell in takeover talks with EME Capital, shares soar
September 6, 2012, 12:14 am TWN
Reuters--Luxury jewelry designer Theo Fennell PLC, whose customers include celebrities such as Victoria Beckham and Helen Mirren, confirmed it was in preliminary takeover talks with EME Capital LLP, sending its shares up 51 percent.
The company, which sells jewelry, watches, silver objects, and gifts designed by its namesake founder, said there could be no certainty that a formal offer would be made for the company.
Theo Fennell PLC has been forced to turn its attention to emerging markets like China and introduce a low-cost range of jewelry as demand wanes in recession-hit UK.
The company, valued by the market at 2.72 million pounds (US$4.32 million), has been reporting losses since 2009.