Sharechat Logo

Commission eyes Farmers

By Deborah Hill Cone

Friday 11th July 2003

Text too small?
The Commerce Commission confirmed yesterday it was monitoring the sale of department store Farmers, as its supplier Fisher & Paykel threatens to take action if the chain is sold to rival Pacific Retail Group.

F&P operates an exclusive dealer network (EDA), which was sanctioned by a famous High Court judgment in the 1990s, and PRG's outlets Noel Leeming and Bond & Bond are not part of it.

F&P has stated it will not supply Farmers if it is sold to PRG.

Bids to buy the chain closed on Monday with would-be buyers complaining access to information during the due diligence period "has been like pulling teeth."

The frontrunners are considered to be PRG, an F&P-backed bid in a consortium with a mystery retailer, or a management buyout backed by a venture capital fund.

Grant Samuel & Associates' investment vehicle GS Private Equity has been identified as a bidder although none of the potential buyers are speaking publicly about the process.

Retail sources said Farmers was trading significantly below expectations and that would affect the price, which has been suggested to be in the $250-350 million bracket.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Government package for commercial leases too little, too late
Concerns over Government’s intervention in commercial leases
Development Commitment to Bowen Campus Stage Two
Vista Group International Limited - Update on the impacts of COVID-19
AFT secures Maxigesic IV® distribution in four Western European countries and reports Australasian market share gains in COVID-19 medicines
Investore Property Limited (Investore) today announced its financial results for the twelve months ended 31 March 2020 (FY20).
Rabobank GDT Analysis - Event 261
SkyCity Entertainment Group Limited - Update on COVID-19 Impacts and Recent Trading
ANZ announces sale of UDC Finance
Foley Wines Limited Announces Harvest Result, Earnings Outlook and Development in Martinborough

IRG See IRG research reports