Destination Maternity will not be joining forces with Orchestra-Prémaman
Destination Maternity, the American giant in maternity clothing, has made it known via a press release that it a combination deal with put forth by Orchestra-Prémaman is neither in its own interest nor in the interest of its shareholders.
This refusal follows the offer put forth by France's Orchestra-Prémaman on 29 October, and then on 13 December by the kidswear specialist to the Destination Maternity board of directors. "Under this transaction, Destination Maternity'ss shareholders would have received 25 million dollars in cash and Orchestra Premaman shares in exchange for Destination Maternity shares with a 45% merger bonus over the market price of Destination Maternity," thus read the release from Orchestra-Prémaman dated Monday 14 December.
Destination Maternity is based in the USA and has a network of 1,868 retail outlets in North America, including 557 stores under its brands Motherhood Maternity, A Pea in the Pod and Destination Maternity. The group's sales in 2014 reached $510 million. Destination Maternity also operates 128 franchised stores in the Middle East, South Korea, Mexico and Israel.
For the fiscal year 2014-15, closed on 28th February, Orchestra-Prémaman published a consolidated revenue of €513.3 million, equivalent to an 11.8% increase.
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