ICELAND/UK: Baugur still considering bid for Somerfield
Icelandic retail group Baugur is still considering a bid for grocery retailer Somerfield, despite the Somerfield board's rejection of its approaches last week.
"Baugur announces that it is currently reviewing its options in respect to Somerfield, one of which includes a possible offer," it said in a statement today (Monday). "If a decision to proceed is made, it is currently Baugur's intention to approach the board of Somerfield to seek a recommendation."
On 9 February 2005, Somerfield announced that it had received an approach from Baugur on an offer worth around £1bn (US$1.9bn), but last week Somerfield's board rejected that approach. "It would not be in the interests of shareholders to give further consideration to this proposal," Somerfield's Board said in a statement.
Baugur said it would make a further announcement when appropriate.
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