BB Retail Capital Pty Ltd and Ray Itaoui (via BB Family International Trust) → Best & Less Group Holdings Ltd
completedBrett Blundy and Ray Itaoui's BB Retail Capital made an off-market takeover offer of A$1.89 cash per share for Best & Less Group, targeting the roughly 83.55% stake held by Allegro Fund III and Bignor Family Pty Limited. The offer was accepted and completed in July 2023.
Blundy and Itaoui, experienced Australian retail operators, saw value in taking control of the discount clothing chain from its private equity owners.
Allegro Funds and Bignor Family accepted the cash offer for their combined ~40.7% direct holding, crystallising their investment and making the broader offer unconditional.
Not precisely detailed in available coverage; the offer represented a premium sufficient to secure acceptance from the largest shareholders.
Deal mechanics
Off-market takeover offer at A$1.89 cash per share, targeting an 83.55% stake
Offer became unconditional after Allegro/Bignor acceptance