JP Morgan is leading the advice to Dickson Poon, the Hong Kong businessman, in his bid for 49.9% of Harvey Nichols, making it the first public mergers and acquisitions deal on which the US bank has advised him.

Poon already owns 50.1% of Harvey Nichols and his bid is for the remaining 49.9%. Broad Gain, a private limited company specially created by Poon and colleagues for the purpose of making the offer, is proposing to pay 250p (€3.96) a share in cash, valuing the whole of Harvey Nichols at £137.5m. This represents a premium of 35.5% over the closing price of 184.5p per Harvey Nichols share on September 17, the day before the proposal.