Laura Ashley Holdings P.L.C. will sell a 15 percent stake in itself to a Japanese retailing group for $58.3 million. The British retailer said it would sell 35.2 million newly issued shares of its stock to the Aeon Group of Japan for $:29.9 million. The price represented a 73 percent premium over the closing price of the company's shares on Tuesday.
The agreement is being carried out through Aeon's British subsidiary, the Jusco Company. Laura Ashley will also sell 53 percent of its equity in its United States retailing subsidiary, Revman Industries Inc., the companies said. Aeon will take 48 percent and Revman management 5 percent. The deal values the whole of Revman at $35 million, they said, and leaves Laura Ashley with a 47 percent stake.