No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Discount retailer Poundstretcher will be acquired by Fortress Investment Group for an undisclosed sum.
According to Sky News, Fortress, which owns both Majestic Wine and Punch Pubs, agreed to purchase the business from Aziz Tayub, despite him previously indicating that he would like to pursue a floatation on the London Stock Exchange.
Sources told Sky that a deal was likely to be announced later on Thursday.
Trevor Strain, Morrison's former chief operating and finance officer, was said to be in line to join Poundstretcher's board, while Andy Atkinson, another former Morrisons executive, was expected to take over as chief executive.
Reporting by Iain Gilbert at Sharecast.com
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.