UK: Somerfield to revalue store estate - report
UK supermarket group Somerfield is reportedly planning to reassess the value of its 1,300-store estate in its forthcoming full-year result. According to a report in the Daily Telegraph the move is an attempt to justify its rejection of a takeover bid approach from retail entrepreneurs John Lovering and Bob Mackenzie. Somerfield rejected the 120p (US$1.98) per share offer last week on the grounds that it substantially undervalued the company.
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