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Destination Maternity withdraws Mothercare merger's offer

26 Jul '14
3 min read

"We believe that there was a strong strategic rationale for the combination of these highly complementary businesses, which would have enhanced the product range of both companies, spanning the pregnancy to toddler life-cycle.  We further believe the combination would have created a global leader in maternity, baby and children's apparel and products capable of accelerating the growth and long-term development of both businesses across channels and in markets around the world.  In addition, we believe that Destination Maternity's management expertise and strong maternity apparel offering would have provided an attractive enhancement to the Mothercare UK turnaround plan.

"Our proposals to Mothercare about a possible combination show our willingness to pursue potential opportunities to help drive shareholder value for Destination Maternity and are consistent with our stated strategic objective to enhance our position as a global leader in maternity apparel, including through international expansion.  At the same time, our announcement today that we do not intend to make an offer for Mothercare demonstrates that we will continue to maintain strict financial discipline in evaluating potential initiatives and opportunities.  

"We will continue to focus on delivering our strategy to drive sales and profit growth, both in the United States and through the continued expansion of our brands internationally."
 
This announcement is made in accordance with Rule 2.8 of the Code.  As a result of this announcement Destination Maternity will, together with any party acting in concert with it, be bound by the restrictions contained in Rule 2.8 of the Code.
 

Destination Maternity Corporation

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