UK: Co-op launches bid for Alldays
Beleaguered UK convenience store chain Alldays has received a takeover bid from compatriot retailer the Cooperative Group. Alldays' share price has collapsed under the burden of debts amounting to £190m (US$297.1m) which it incurred when borrowing to buy in its franchisees, reports the Independent. If the bid were successful, the Co-op would take on the bulk of Alldays' debt, but would want to negotiate with Alldays' lender Royal Bank of Scotland to have some of the debt written off. Its offer is likely to be in the region of £150m.
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