Mooted 211.5p-a-share bid too low
Fashion group Alexon has terminated talks about a potential sale after deciding that an indicative approach made last week undervalues the business and its prospects.

The retailer, which controls brands including Bay Trading and Ann Harvey and sells through department stores as well as its own shops, was understood to have received an offer of about 211.5p a share.

Numis analyst Steve Davies was cautious about the outlook for the retailer. He said: 'The clothing sector is very competitive and, to add to this, Alexon is exposed to department stores. In particular, Alexon faces added risk in that the new owners of House of Fraser may reduce the space in stores allocated to Alexon.'