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Knightsbridge Increases Bid for Frederick's

September 09, 1997|Bloomberg News

Frederick's of Hollywood Inc. said Knightsbridge Capital Corp. increased its bid for the lingerie retailer to $7.75 a share, or $67.4 million, from $6.90 a share, or $60 million, after an unidentified bidder made a similar offer last week. Los Angeles-based Frederick's said it received an unsolicited written offer from another investor group to acquire the company's 8.7 million shares. Frederick's said that because of Knightsbridge's previous agreement to buy Frederick's and the increased offer, it rejected the other offer. Chicago-based Knightsbridge agreed to buy Frederick's in June. Frederick's executives weren't available to comment. Frederick's said its board reconfirmed its approval of the Knightsbridge merger. It also approved proceeding with the Knightsbridge investor group and terminated its ability to consider any other past or future offer.

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