UK food retailer Iceland may be in line for a possible takeover bid after a rise in its shares price prompted rumours that a buyer is stalking the company.
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Shares jumped 18p to 161p yesterday, but the price in recent months has fallen from its 346p December high to a low of 141p this week following two profit warnings and the forced resignation of its founder and chairman Malcolm Walker amid a highly embarrassing £13m share sale scandal.
Analysts believe compatriot supermarket group Safeway and German discount retailers Aldi and Lidl may be lining up a bid for the troubled frozen food retailer. But sources close to the company deny the speculation and attributed the rise in share price to a series of bullish presentations to institutions in recent weeks by Iceland chief executive Bill Grimsey and finance director Bill Hoskins.
