UK's Card Factory hits near 2-month high on Garven acquisition

Card Factory

05/12/2024 12:26

** Shares of Card Factory Plc  CARDC.L  rise as much as 10%
to 99.4p, their highest since Oct. 7
    ** The specialist retailer of greeting cards, gifts
and celebration essentials buys Minnesota-based Garven Holdings
for $25 mln on a cash-free, debt-free basis
    ** Investec analysts say the acquisition accelerates CARDC's
partnerships strategy in a key 70 bln pound ($89 bln) market,
and the UK firm will look to leverage Garven's retail customer
relationships
   ** Currently stock up 7.5%, trimming YTD losses to ~10%


($1 = 0.7857 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))