Malcolm Walker, the founder and CEO of UK frozen-food retailer Iceland Foods, has offered GBP1bn (US$1.6bn) to buy back the chain, according to reports.

The Sunday Telegraph reported that Walker and other management already own around 24% of Iceland, with the remaining 76% owned by Landsbanki and Glitnir, two of collapsed Icelandic banks.

The report said the banks have already rejected Walker’s offer, saying they were not interested in selling to the current management at GBP1bn.

The report also claimed that another unknown party, which has been described as an investment fund, last week launched a bid of up to GBP1.4bn for Iceland.

It is understood that Walker approached the Icelandic banks around four months ago and that he has bank, rather than private equity, backing for the deal.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now