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Focus confirms sale talks

Published: 14 June 2007
Focus DIY has today (Thursday June 14) confirmed it is in talks with US hedge fund Cerberus about a sale of the company.
Focus confirms sale talks
In a statement released to the Irish Stock Exchange, it said holders of loan notes would receive 40p a piece.

"The company confirms that Focus DIY Group Limited is in negotiaions with a company affiliated with Cerberus European Investments LLC concerning the sale and that, subject to contract, these negotiations are expected to be concluded in the near future," Focus said.

The price values the company at £250m sources have said, and is below the £280m needed to repay bondholders.

It is understood Cerberus is working alongside another retail investor.

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