London, England, December 13, 2006--Floors retailer Floors-2-Go has recommended a cash offer of approximately £52.4m ($103.3M) from 2FG Limited, according to Sharecast.
The offer is valued at 40p per share and represents a premium of 53.8%, which was the last business day before the start of the offer period.
On completion of the deal, Floors-2-Go would be owned by private-equity firm Alchemy Partners and Floors-2-Go's chief executive Simon Farnsworth and finance director Edward Taylor.
"This is a good deal for shareholders, allowing them to realise their investment, and a good deal for our employees," said chairman Alan Smith,
Floors-2-Go said trading is currently in line with the board's expectations. Like-for-like sales performance has been variable in the lst few months, with satisfactory performance in September and October offset by a more difficult November, it added.
