Farfetch Limited (FTCH) gains as founder said to be exploring take private bid

November 28, 2023 5:14 PM EST

Shares of Farfetch Limited (NYSE: FTCH) surged nearly 23% intra-day Tuesday following reports from the Telegraph that founder José Neves is seeking to take the company private.

Neves, who owns 15% of the shares outstanding and 77% of the voting rights, is said to be working with investment bank JP Morgan on a possible bid.

The takeover is said to have the backing of Alibaba and Richemont, the report added.

In a news release after the close, Farfetch said it will not announce its third quarter 2023 financial results and will not hold its related conference call previously scheduled for Wednesday, November 29, 2023. The company added that it "expects to provide a market update in due course."

Shares of Farfetch added another 9% after-hours following the earnings update.

By Staff

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Hot M&A, Mergers and Acquisitions, Rumors

Related Entities

JPMorgan, Earnings