PPM set to wrap up Oasis deal

The UK retailer is close to completing a £55m management buyout.

Oasis Stores, the UK fashion retail company, is close to being bought out by its management.

According to Financial News, people close to the company's board expect terms of the deal to be agreed by the end of this week. It is expected that the buyout, backed by private equity provider PPM Ventures, will value Oasis at around £55m.

The woman clothing specialist made an announcement in June saying that the proposed offer, led by chief executive Derek Lovelock, was the best option to create value for shareholders. The company's share price has been declining since the beginning of a year, after Oasis responded to difficult market conditions by implementing a number of price cuts.

Under the deal, shareholders are likely to be paid around 104p per share, the newspaper says. Yesterday's closing price of the stock was 91.5p.