Debenhams Prepares To Go Private

Trading in Debenhams shares has been suspended on the London Stock Exchange as the department store group prepares to go private. In an official statement Debenhams said shares have been suspended 'pending an announcement'. The move is in line with the legal timetable put in place for the takeover by Baroness Retail, which is due to be completed on Friday.

At that point, Debenhams shares will be permanently delisted as the company becomes the latest high-profile UK retailer to exit the stock market. The 470p-a-share offer by Baroness Retail, valuing Debenhams at £1.72bn, saw off takeover rival Permira.

Baroness is a consortium including private equity firms CVC Capital Partners and Texas Pacific Group, fronted by retailer John Lovering who will become Debenhams chairman. UK department store operators Allders and Harvey Nichols have both exited the Stock Market to go private this year.