Supermarket chain Somerfield has announced that United Co-operatives Limited has decided not to proceed with an offer for the company.
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Discussions with other potential bidders continue, Somerfield said in an announcement to the financial markets.
United Co-operatives Limited, the UK’s largest independent co-operative society, announced in early May that it had made an approach to the Somerfield board with a view to exploring the possibility of making an offer.
“There can be no certainty that an offer will be made,” United Co-operatives said at the time. “A further announcement will be made in due course.”
Wal-Mart’s UK supermarket chain Asda, has also been reported to be considering a bid for supermarket Somerfield, while there are two consortia reported to be looking at the company.
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By GlobalDataOne consortium is led by Apax Partners, the private equity group, backed by Baugur, the Icelandic retailer, Barclays Capital and Robert Tchenguiz, the property tycoon. The rival group consists of London & Regional, the property company, and Nomura, the Japanese bank.
