UK supermarket group Somerfield is reportedly planning to reassess the value of its 1,300-store estate in its forthcoming full-year result.

According to a report in the Daily Telegraph the move is an attempt to justify its rejection of a takeover bid approach from retail entrepreneurs John Lovering and Bob Mackenzie. Somerfield rejected the 120p (US$1.98) per share offer last week on the grounds that it substantially undervalued the company.

Somerfield has confirmed that the value of its property estate will feature in its 2 July results briefing, but refused to comment on analysts’ forecasts that the £542m book value will be doubled, reported AFX News.