United Co-ops drops plans for Somerfield bid
Move leaves two players in the game
United Co-operatives has formally withdrawn from the long-running bid battle for Somerfield.
Having made an approach to the board of the supermarket group in May, United Co-ops said it has now decided “not to proceed with an offer for Somerfield”.
Somerfield confirmed that “discussions with other potential bidders continue”. The group, operator of the Somerfield and Kwik save brands, has been in play since February when it announced that it had been approached by potential bidders.
A consortium led by Baugur, which also includes property tycoon Robert Tchenguiz, Apax and Barclays Capital, is seen as the front runner to succeed, with a bid likely in the next few weeks. Property group London and Regional is also still in the running.
