Merchant agrees offer for de Gruchy

Merchant agrees offer for de Gruchy

MERCHANT RETAIL, owner of The Perfume Shop and Joplings department stores, yesterday said it had agreed a 300p per share cash offer for A de Gruchy, valuing the Jersey department store at pounds 45.8m. A subsidiary of Merchant holds 28.3 per cent of de Gruchy and the firm has undertakings from directors representing a further 3.5 per cent. Merchant shares rose 1.75p to close at 46.75p as the group reported a 33 per cent rise in pre-tax profits to pounds 4.03m for the year to 27 March.