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| | | | 05/03/2013 | Financial Times, Andrea Felsted - Sun European leads race to buy Dreams | | | | | Sun European emerges as frontrunner to buy Dreams | | | | | The Financial Times reports that Sun European Partners has emerged as the frontrunner to acquire Dreams, and is thought to have bid about £35m.
According to people familiar with the situation, a deal could be struck as early as Tuesday. However, Dreams' found Mike Clare, who is working with Apollo Management, is waiting in the wings. No deal has yet been signed and the situation could yet change.
A deal with Sun European is likely to be by way of a pre-pack administration, involving some store closures and job cuts. However, the management of Dreams is understood to be keen to avoid insolvency.
Ernst & Young has been managing the sale process, and would be a strong contender to be appointed to carry out a pre-pack administration. All parties declined to comment. |
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