Minerva is Allders bidder
Property company tables offer
November 22 2002
Property company Minerva is the bidder which has tabled an offer for department store operator Allders.
The boards of Allders and Minerva have confirmed that “they have reached agreement on the principal terms of a possible recommended offer to be made for Allders,” at an offer price of around 160p a share.
Minerva, which already has a 25 per cent stake in Allders, plans to set up a new company with a majority stake in the business, but which will be “financed predominantly by a significant financial institution.”
A statement added: “Discussions are at a very early stage and no assurance can be given that any offer will be made for Allders.”
Speculation continues that Icelandic retailer Baugur hopes to revive merger talks between Allders and rival department store chain House of Fraser. Baugur, which last month bought a stake in HoF, has approached financial institutions to try and buy Allders shares.
Allders operates 44 UK stores, while House of Frasers has 53, trading under a variety of fascias.
