Hunter given offer deadline
Takeover Panel sets January 24 deadline for House of Fraser bid
January 11 2003
Tom Hunter has told he must table a bid for department store operator House of Fraser by noon on January 24.
The retail entrepreneur originally made an indicative offer of 850p a share for HoF before Christmas, rejected by the HoF board as undervaluing the business. At the request of HoF, the Takeover Panel has now set the deadline by which Hunter must either formally table a bid, or withdraw.
Following a trading statement which showed like-for-like sales growth of 2.2 per cent in the six months ending on Christmas Eve, HoF chief executive John Coleman has indicated that there will be no more discussions with Hunter unless the bid price is increased.
The Takeover Panel also asked Hunter to retract a statement made on Thursday in which he interpreted the HoF trading statement as a profits forecast.
Meanwhile, shareholder in property company Minerva have approved its agreed bid for HoF rival Allders by 99.99 per cent. The initial deadline for Allders shareholders to accept the offer in January 15.
