logo-loader
viewAbercrombie & Fitch

Abercrombie & Fitch reportedly "in play"

Abercrombie & Fitch has become vulnerable as a takeover target as fierce competition weighs on its profits

Abercrombie
Abercrombie & Fitch's shares rose more than 12%

Fashion retailer Abercrombie & Fitch Co. (NYSE:ANF) has reportedly hired bankers to handle takeover approaches.

Shares strutted 10.97% higher to US$14.07 in early US trade after Reuters reported Abercrombie has been working with investment bank Perella Weinberg Partners to field bids from other retailers.

With shares trading at a 17-year low as fierce competition weighs on profits, Abercrombie has become a takeover target.

The company’s logo-stamped t-shirts and sweaters were once popular among teenagers but have lost their fashion appeal.   Operating income fell to US$15.2mln last year from US$72.8mln in 2015 amid competition from fast-fashion and online rivals.

Sources told the media outlet there was no certainty a deal would happen. Abercrombie and Perella both declined to comment. 

Shares in the preppie clothing company rose 12.2% on Wednesday to close at US$14.22, valuing the company at US$970mln.

Quick facts: Abercrombie & Fitch

Price: 16.76 USD

NYSE:ANF
Market: NYSE
Market Cap: $1.05 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Things coming together nicely in Greenland, says Bluejay Mining's CEO

Rod McIllree, Bluejay Mining PLC’s (LON:JAY) chief executive, tells Proactive that all three of its projects in Greenland are shaping up nicely with plenty of interest from mining giants. Dundas is the flagship and here a bulk sample of mineral sands has been shipped to a Rio Tinto facility...

14 hours, 52 minutes ago

2 min read