Fingerhut Bidder Stays Under Wraps

Share this content:
The source of the bid reportedly submitted Friday for Fingerhut Companies Inc. remained unnamed yesterday.


A spokeswoman for Tom Petters -- who counts Redtag Inc., Eden Prairie, MN, as one of his businesses and who leads a group of investors interested in a possible acquisition -- said yesterday that he has not made an offer to Federated Department Stores.


"Mr. Petters' group has not put in a bid at this point," said his spokeswoman, Mary Pernula. "He is still interested and is reviewing the possibility of acquiring the company. Mr. Petters has signed a confidentiality agreement with Federated and cannot comment on anything."


Pernula would not comment on any involvement of former Fingerhut CEO Ted Deikel in Petters' investment group.


"[Mr. Petters] has not disclosed who, or how many, are in his group," she said. "He is not commenting on that. We've signed a confidentiality agreement."


A press report stated that Federated vice president of corporate affairs Carol Sanger refused to disclose the source of the offer or financial terms and that the offer was being reviewed. Sanger did not return a call for comment.


Another local group looking at a possible acquisition is the Business Development Group, Wayzata, MN, led by Peter Lytle, who has also signed a confidentiality agreement.


Federated, Cincinnati, has said that an investment group led by Paul Ellarby of Minneapolis was no longer interested in acquiring Fingerhut following a review of financial information.


A report placed Fingerhut's sales at $1.24 billion during the 52-week fiscal year ended Feb. 2, down 30 percent from $1.77 billion for the 53-week fiscal year ended Feb. 3, 2001. Federated's total sales fell 8.2 percent in its recently completed fiscal year to $16.8 billion.


Fingerhut spokesman Ben Saukko did not provide any information on when a decision will be made on the bid.


"At least 12 interested parties have signed confidentiality agreements with Federated," he said.


close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above