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Specialty Fashion queried amid takeover speculation

City chic Brisbane, SFGSpecialty Fashion Group (ASX: SFH) has been queried by the ASX over a 41 per cent spike in its share price over the last week, amid speculation about a takeover.

The Australian reported earlier this week that suitors were swirling around SFH’s City Chic business, the only brand left in its stable after the sale of the majority of its business to Noni B Group.

The reports appear to have sent a rocket up SFH’s share price, but on Wednesday the company said it was not aware that there was “any merit” to the claims.

It said senior executives were in investor briefings on Tuesday and Wednesday discussing the sale of the Katies, Millers, Rivers, Crossroads and Autograph brands to Noni B.

But the SFH share movement appears to have occurred before the Oz published its article, increasing by 16 per cent last Friday to 88 cents.

SFH shares closed on Wednesday at $1.06, up from the 76 cents the company was trading at this time last week.

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