Permira considers new WH Smith bid
Private equity player weighing up new offer price
Private equity firm Permira has confirmed it is considering a revised takeover bid for WH Smith.
The retailer ended talks last month after it became clear that the expectation that any bidder would plug a hole in the WH Smith pension fund made it unlikely that Permira would bid at the negotiation price of 371p-a-share.
Permira issued a statement through Jamaica Trading, its newly-formed bid company, confirming it is currently considering whether to submit a revised proposal to the Board of WH Smith.
The statement added: “No decision has currently been made on the value of a potential revised proposal, if any proposal is to be made.”
Permira has signed up John Lovering, currently chairman of Debenhams and a veteran of a series of retail takeover battles. Lovering will advise on any new bid negotiations and would become a non-executive director of WH Smith after a successful takeover.
