Watches of Switzerland said to have held talks over potential takeover offers

(Sharecast News) - Watches of Switzerland Group has reportedly held talks in recent months over potential offers to take the luxury watch retailer private. According to Reuters, which ​cited people close to the matter, chief executive Brian Duffy responded to the initial approaches because he believes the stock market undervalues ‌the ⁠company. It was understood that no formal offer has been made.

One source told Reuters that private equity funds and strategic bidders have shown interest in the group, while another said the company was seeking an offer of significantly ​more than £7.50 per ​share.

Watches of Switzerland told Reuters ⁠it does not comment on rumours or speculation.

The shares closed up 4.2% at 749.50p on Monday, having hit as high as 778.50p after the Reuters report.

The luxury watch retailer is due publish full-year results on Tuesday.