London and Regional Properties (L&R) has announced that it has decided not to proceed with an offer for UK supermarket group Somerfield.
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retail group Baugur kickstarted the takeover battle in March with a £1.04bn (US$1.84bn) approach but has since withdrawn from the process.