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Meditor makes its move

CarpetrightNMShares in Carpetright almost halved this morning after its largest creditor and shareholder said it was considering a £15m takeover offer.

Meditor European Master Fund said it may offer 5p a share, prompting the share price to collapse from 9.12p to 4.76p.

Meditor already owns 29.9% of Carpetright shares along with its banking facilities, overdraft and a £25.7m loan.

Major investor Aberforth has agreed to sell its 12.6% stake unless there is an offer of 8p a share, and three other investors which own 11.4% of shares have said they would support the offer.

Carpetright says its needs £80m to repay its debts, fund working capital and continue with its renewal strategy.

Separately it said it had seen like for like growth in all markets. ‘The prolonged sales decline appears to be bottoming out; however, in the present UK economic climate, the Board remains cautious. In H1 FY20, LFL sales growth has been achieved in all territories, however the ongoing impact of negative consumer confidence and Brexit on the current retail environment could present a challenge in the balance of the financial year.’