Fashion retailer Noni B has confirmed a change of ownership is on the table.
As previously reported on ragtrader.com, Noni B revealed last week that it was discussing “strategic alternatives with respect to the company's capital structure”.
The discussions with the Kindl family (the company's significant shareholders) have since progressed, and the company said it has been approached by third parties.
The interest by third parties is with respect to the potential acquisition of a controlling stake, or all of the share capital of, the Noni B company.
As a result, the Noni B board has now appointed a sub-committee consisting of two independent directors to assess the company's strategic alternatives.
The company has also appointed TC Corporate to act as financial adviser to the independent sub-committee of the board.
The strategic review will include consideration of the interest expressed to dates and any future approaches which the company may procure or receive, consistent with the maximisation of value for all shareholders.
However, Noni B has warned that “the approaches from third parties are at a very preliminary stage”.
“There can be no assurance that any transaction will eventuate. The board will inform shareholders of any material developments at the appropriate time, should they arise."