Icelandic retail group Baugur is still considering a bid for grocery retailer Somerfield, despite the Somerfield board’s rejection of its approaches last week.
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“Baugur announces that it is currently reviewing its options in respect to Somerfield, one of which includes a possible offer,” it said in a statement today (Monday). “If a decision to proceed is made, it is currently Baugur’s intention to approach the board of Somerfield to seek a recommendation.”
On 9 February 2005, Somerfield announced that it had received an approach from Baugur on an offer worth around £1bn (US$1.9bn), but last week Somerfield’s board rejected that approach. “It would not be in the interests of shareholders to give further consideration to this proposal,” Somerfield’s Board said in a statement.
Baugur said it would make a further announcement when appropriate.
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