Shares in UK grocery retailer Somerfield reached their highest value for five and a half years this morning [Tuesday] after reports in the press that a consortium may launch a takeover bid for the company.


Somerfield, which also operates the Kwik Save grocery chain, said last month that it had rejected a takeover approach from Icelandic retail group Baugur.


“It would not be in the interests of shareholders to give further consideration to this proposal,” Somerfield’s board said at the time.


According to Reuters, however, UK press reports claim property entrepreneurs Robert and Vincent Tchenguiz may be ready to submit a rival offer if Baugur were to launch a new bid. Another report claimed a consortium may be preparing to make a bid of 210 pence (US$3.99) per share for Somerfield.

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