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Shares in jeweller Pandora jump on takeover report

By
Reuters
Published
today Sep 19, 2018
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Shares in Danish jeweller Pandora jumped as much as 10 percent on Tuesday following a media report that private equity funds are studying a potential takeover bid.

A more than 50 percent fall in the company’s shares since May has resulted in private equity groups including KKR & Co, Bain Capital and Carlyle reviewing a potential takeover of the company - Pandora - Facebook Alto Rosario


Pandora, known for its silver charm bracelets, last month ousted its chief executive in a bid to regain investor confidence after a profit warning and staff cuts.

A more than 50 percent fall in the company’s shares since May has resulted in private equity groups including KKR & Co, Bain Capital and Carlyle reviewing a potential takeover of the company, Italian financial newspaper Il Sole 24 Ore reported, without citing sources.

Activist funds might also be looking at the company, it added.
Shares in Pandora are up 8.4 percent at 408.30 Danish crowns each at 0925 GMT. That compares to the 693 crowns they reached in April, and is well off a peak of 1,000 crowns in June 2016.

Pandora sells customisable jewellery such as charms, bracelets, rings and pendants, at a lower price than competitors like Swarovski.

Last month’s profit warning came just seven months after former chief executive Anders Colding Friis, who had been criticised by investors for poor communication during his three-year leadership, set out goals to implement Pandora’s strategy towards 2022.

The company appointed former The Body Shop CEO Jeremy Schwartz to run the company jointly with newly named chief financial officer Anders Boyer in the interim.

A Pandora spokesman declined to comment. Bain also declined to comment, while KKR and Carlyle were not immediately available for comment.

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