Hamleys ‘would consider’ Waterstone offer
Toy retailer has had no approach
June 23 2003
Hamleys has had no bid approach from Tim Waterstone, but the independent directors would consider any offer.
Responding to an announcement on Friday by ING Bank, which is advising Waterstone’s company Children’s Stores Holdings, Hamleys independent directors said there had been no contact with Children’s Stores since the announcement last week of the recommended cash offer made by Soldier. That offer is backed by Icelandic retailer Baugur.
ING said in its statement there been “extensive discussions” with Hamleys over a possible bid by Childrens Stores, which operates the Daisy & Tom chain.
The Hamleys statement said that “in the absence of any alternative proposal,” the independent directors will continue to recommend the Soldier offer Offer, “but would consider any proposals received in the light of their fiduciary duties to act in the best interest of shareholders.”
It was reported at the weekend that Waterstone has the finance in place for a counterbid and may move this week.
