Abercrombie Stock Soars on Cerberus, American Eagle Takeover Bid

Earlier this month the teen apparel retailer confirmed that it was exploring a sale.

Author:: Giovanni Bruno
Publish date:: May 24, 2017 1:14 PM EDT

Bloomberg News

Shares of Abercrombie & Fitch (ANF) - Get Report were climbing nearly 7% during afternoon trading on Wednesday after Dow Jones reported that Cerberus and American Eagle (AEO) - Get Report are working on a takeover bid for the retailer.

Earlier this month the teen apparel retailer confirmed that it was exploring a sale. American Eagle was rumored to be one of the most eager bidders, according to the Wall Street Journal.

Express (EXPR) - Get Report had also been rumored to be interested in a purchase of Abercrombie.

Shares of American Eagle were climbing over 3% after the report.

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