UK food retailer Somerfield has revealed that it has received a takeover approach but declined to give details as to who the potential suitor was.

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News of the possible bid sent the retailer’s shares soaring. Somerfield said the approach was made last Friday, but it was uncertain as to whether it would ultimately lead to a bid as a number of conditions were attached, reported Reuters.

The retailer, which operates 600 Somerfield and 700 Kwik Save stores, said a further announcement would be made when appropriate.

Market speculation focused on the current Safeway bidders as potential Somerfield suitors, including Philip Green, Wal-Mart’s Asda and J Sainsbury, as well as Icelandic retail group Baugur.

Somerfield, which has a network of smaller neighbourhood stores, has around 5.5% of the total UK food retail market.

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The company is in the midst of a five-year recovery programme that includes stores refurbishments and promotion reductions.