UK: Caffe Nero abandons takeover bid for Coffee Republic
UK coffee shop chain Caffe Nero has abandoned its plans to launch a takeover bid for rival chain Coffee Republic. Caffe Nero claimed that Coffee Republic failed to provide adequate access to its books and would not allow the potential buyer to verify standard issues. Coffee Republic denied claims it had withheld information. "They [Caffe Nero] knew everything they needed to know, if they were serious about making an offer," a source close to the company was quoted as saying by the Guardian.
Caffe Nero claimed that Coffee Republic failed to provide adequate access to its books and would not allow the potential buyer to verify standard issues.
Coffee Republic denied claims it had withheld information. “They [Caffe Nero] knew everything they needed to know, if they were serious about making an offer,” a source close to the company was quoted as saying by the Guardian.
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