- Carpetright said it was in talks with Meditor concerning a possible sale as the cash-strapped retailer's efforts to find £80m to turn the business around had come up short.

Meditor had indicated it was willing to make an possible offer 5p per share, paid in cash, the company said.

If Meditor followed up with an offer, it was expected to convert the majority of Carpetright's outstanding debt into equity and provide the company with additional capital, which would bolster its balance sheet and allow it to pursue its strategic and growth initiatives.

Carpetright needed approximately £80m to repay the debt facilities; meet the company's ongoing working capital requirements; and provide the company with the necessary growth capital to execute its strategy, the company said.

Under market rules, Meditor would have to make an offer by no later than 5.00 pm on 28 November 2019. At 9:13am: [LON:CPR] Carpetright PLC share price was -4.38p at 4.74p

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