The consortium of Apax Partners Worldwide, Barclays Capital and the Tchenguiz Family Trust has confirmed that it is continuing to work towards a takeover offer for UK grocery retailer Somerfield.

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“However, there can be no certainty that any offer will be forthcoming, nor the terms of any such offer,” a statement from the consortium said, adding that the announcement was being made at the request of the Takeover Panel.


Last week London and Regional Properties (L&R) announced that it had decided not to proceed with an offer for Somerfield, leaving the Tchenguiz consortium as the only party left in the bidding process.


The Takeover Panel has set a deadline of 14 October for takeover offers.

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