London and Regional Properties (L&R) has announced that it has decided not to proceed with an offer for UK supermarket group Somerfield.
Go deeper with GlobalData
L&R said it reserves the right to make an offer with the agreement or recommendation of the Somerfield board, or if the consortium consisting of Apax Partners, Barclays Capital and the Tchenguiz Family Trust or a third party announces an offer for Somerfield.
L&R’s withdrawal leaves the Apax, Barclays Capital and Tchenguiz consortium as the only party left in the process. The Takeover Panel has set a deadline of 14 October for takeover offers.
Icelandic retail group Baugur kickstarted the takeover battle in March with a £1.04bn (US$1.84bn) approach but has since withdrawn from the process.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
