N Brown Shares Surge After Agreeing Takeover

Simply Be and Jacamo owner N Brown Group (LON: BWNG) saw its shares soar more than 42% on Thursday after announcing it had reached an agreement on a recommended cash acquisition by Falcon 24 Topco Limited, a company owned and controlled by Joshua Alliance, a member of its founding family.

N Brown shares shot over 42% higher on the news, currently trading at around 38.5p a share.

The deal, valued at approximately £191 million, will see Joshua Alliance acquire all of N Brown’s issued and to be issued share capital. Alliance will pay 40p per share in cash for each share of N Brown stock not already owned.

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N Brown non-executive director Joshua Alliance already holds a significant stake in N Brown. He believes the acquisition will provide the company with the necessary resources to accelerate its long-term growth potential.

The Alliance family has been involved with N Brown for over half a century, providing both capital and strategic leadership.

The Cash Offer represents a premium of approximately 111.0% to the volume-weighted average closing price of N Brown Shares for the past 12 months. N Brown shareholders will have the option to receive either cash or Consideration Shares as part of the transaction.

The deal is expected to become effective in the first quarter of 2025.

“My family have been supporters of N Brown for over half a century, providing capital and having been involved in the strategic leadership of the business. I am delighted to continue that history,” said Alliance. “This transaction will support N Brown in accelerating its long-term growth potential and provide, where needed, access to additional capital, expertise and resource to accelerate the longer-term potential of the business.”

Steve Johnson, interim chair and CEO of N Brown, said: “Today’s announcement from Bidco will enable us to accelerate that strategy for the benefit of all our stakeholders.”