CLOTHING chain Peacock was poised to be taken private yesterday after announcing a management buyout worth £404.4m.
Shareholders will be paid 340p a share, a 29 per cent premium on the closing price of 263p on August 15, when news of the approach for the Cardiff- company first emerged.
Peacock has more than 700 stores in the UK, including the Peacocks high street chain, plus the bonmarche and Fragrance Shop businesses.
The deal, which sees Peacock directors Richard Kirk, Keith Bryant and Neil Burns take a 43.3 per cent stake in the company, was backed by Goldman Sachs, former chairman John Lovering's investment vehicle Echelon, and US hedge funds Och-Ziff and Perry Capital.
Peacock chief executive Mr Kirk, chief financial officer Mr Bryant and executive director Mr Burns will put up £23.3m for their stake in the company through investment vehicle Henson Group.
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