The UK’s Cooperative Group is ready to launch a £66m (£119.5m) bid within the next few days for UK convenience store business Londis, according to a newspaper report.
The Co-op is planning to unveil its bid before 22 June, when Londis shopkeeper shareholders are due to vote on a recommended £60m offer from Ireland’s Musgrave, reported the Observer.
Last week the Londis board rejected a proposed offer from bid vehicle Lancelot that valued Londis at £60m, but that would also have enabled shareholders to keep majority ownership.
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