The Financial Services Authority is reported to have started an investigation into Somerfield for failing to reveal it had received a bid approach until Tuesday despite heavy trading in the retailer’s stock before the company made the announcement.

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Also reported to be under investigation is the purchase of 100,000 shares at 70 pence (US$1.10) per share by executive chairman John von Spreckelsen last Thursday, the day before the bid approach was made, reported Dow Jones International News.

Somerfield has defended Von Spreckelsen, saying the timing was a pure coincidence.

Meanwhile, speculation as to the identity of the mystery bidder has centred on John Lovering, a retail executive who is a former chairman of both Homebase DIY and Odeon Cinemas, backed by a UK financial investor. Lovering’s offer is believed to be £1 a share, valuing Somerfield at £500m.

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