March 22, 2019 / 5:37 PM / 4 months ago

Flacks drops plans to bid for Britain's Laura Ashley

March 22 (Reuters) - Flacks Group said on Friday it would not make an offer for Laura Ashley Holdings, nearly a month after the British fashion retailer dismissed an unsolicited takeover offer from the investment firm.

“Flacks Group confirms that it does not intend to make an offer for the company,” Flacks said.

Flacks did not disclose why it dropped its plan to make the offer. Laura Ashley could not be immediately reached for comment.

In February, Flacks said it was in preliminary stages of evaluating a possible deal to buy Laura Ashley, which would be limited to 2.748 pence in cash for each Laura Ashley share and valuing it at about 20 million pounds ($26.5 million).

Laura had dismissed it, saying that the offer “failed to reflect the value of the Laura Ashley brand.”

$1 = 0.7583 pounds Reporting by Sangameswaran S in Bengaluru; Editing by James Emmanuel

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