Apax and KKR reported to be about to bid
Shares in Signet soared by more than 15 per cent this morning after reports that private equity firms Apax and KKR had joined forces to bid£2.3bn for the company.
The reported bid for the UK's biggest jeweller would be at about 132p a share, a 30 per cent premium to Signet's closing share price yesterday of 101.5p. Goldman Sachs is reportedly advising on the bid.
This morning shares in Signet shot to more than 119p on the back of the speculation in heavy early trading, although they have since fallen back slightly. A spokeswoman for Signet refused to comment.
Signet has 1,837 stores on both sides of the Atlantic. While its UK chains H Samuel and Ernest Jones have been finding life tough, its US business, which includes the Kays and Jared brands, has performed strongly.
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