Somerfield bid process drags on
Due diligence process continues says FT
The long-running bid saga surrounding Somerfield will drag on for some weeks more, according to reports.
The [i]Financial Times[/i] reports that the bid consortium led by Baugur, which had hoped to complete the due dilgence process by the end this month, faces delays. A formal bid, if it materialises at all, is unlikely to be made before July.
The[i] FT[/i] quotes a person close to the bid who says the long process has caused ‘lots of irritation’ and put relations between the two sides under strain to the point where they have become ‘frosty’.
Somerfield announced in February that it had been approached by potential bidders. The Baugur consortium, which also includes property tycoon Robert Tchenguiz, Apax and Barclays Capital, is seen as the front runner. Property group London and Regional. and retailer United Co-op, are also in the running.
