Selfridges plays down bid deadline
More offers may come for UK department store group
May 7 2003
Selfridges is playing down the bid deadline for offers set by its adviser Merrill Lynch.
As the deadline passed at 5pm on Tuesday, the store indicated there is still time for other bidders to make their move.
A spokesman told the Guardian newspaper: “We are not getting overly hung-up about today being the end of the process. It is about getting into a position where we know what’s what and we will now take some time to see what we have got.”
Retail entrepreneur Tom Hunter is thought to have submitted further details of his bid befoe the deadline, while details of management buy-out fronted by Selfridges’ chief executive Peter Williams were also other in.
However, with a number of other potential bidders having come forward since Hunter sparked the bidding process a month ago, Selfridges shareholders would nit thank the board if an unnecessary deadline blocked a higher offer.
Hunter’s bid is around 350p a share, while Williams bid is said to be around 360p. Some shareholders have suggested the business could be worth up to 400p-a-share.
