Elis confirms takeover approach for Vestis

Elis SA (OTCPK:ELSSF) confirmed it made a preliminary takeover approach for uniform supplier Vestis Corp. (NYSE:VSTS).

“Elis regularly considers a range of strategic opportunities,” the French uniform maker said in a statement earlier on Friday. “There can be no assurance that these discussions will result in the signing of a transaction or other agreement.”

Elis (OTCPK:ELSSF) confirmed the takeover approach after a Reuters report on Thursday that the French workplace supplier had made an offer for Vestis (VSTS).

Betaville reported in July that Vestis (VSTS) was speculated to have drawn takeover interest from a larger rival. A potential sale comes after activist investor Corvex Management disclosed a stake in May and Corvex head Keith Meister was added to the Vestis board in June.