Somerfield chairman John von Spreckelsen last night [Wednesday] rejected the 103p per share takeover offer from potential bidders John Lovering and Bob Mackenzie.

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After a meeting of the board of the UK supermarket group, Von Spreckelsen said the bid failed “to reflect the value of the business”. He added that “Somerfield has strong brands in Kwik Save and Somerfield, a solid strategy for delivering value to shareholders and excellent prospects.”

Lovering and Mackenzie had previously indicated that they would not attempt to proceed with a bid if they did not have the backing of the Somerfield board. They are believed to be meeting today to discuss any further action.

Analysts have suggested that the approach may incite other parties to take a more active interest in acquiring Somerfield, which has a valuable property portfolio.

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