By Scott Kanowsky
Investing.com -- Shares in Made.Com Group PLC (LON:MADE) spiked by more than 20% on Tuesday after the online furniture retailer said it has started talks over a potential sale of the company with a number of "interested parties."
The group did not provide any further details about who exactly these suitors may be, saying only that they will be invited to put forward bids in the middle of this month.
"The Board will review these proposals and expects a select number of parties will be invited to participate in a second phase to conclude as soon as practicable thereafter," Made.com said in a statement.
Any possible buyers would be advised that Made's plan to function as a stand-alone public company is expected to require funding in the range of 45 million to 70 million pounds ($51 million to $80 million) over the next 18 months, the firm added.
Made.com also promised to release more updates "as appropriate," but warned that current discussions may be "altered or terminated" at any time.
The firm first announced its intention to explore a takeover in late September following a dip in performance due to an inflation-driven deterioration of market conditions. Made.com, which previously raised 90 million pounds from an initial public offering last year, has issued several profit warnings in 2022 alone.