Weston takes the Selfridges crown
Canadian tycoon wins department store group
July 17 2003
Canadian retail entrepreneur Galen Weston has succeeded in his takeover bid for department store group Selfridges.
Weston’s bid vehicle Oxford Acquisitions has received acceptances 387p-a-share offer from shareholders amounting to 56.6 per cent of Selfridges shares. Weston already owns 29.9 per cent of shares, giving him a total of holding of more than 86.5 per cent.
Weston was one of number of potential buyers for the Selfridges business, gaining a clear run earlier this month when rival Aletheia Partners, backed by property investor Robert Tchenguiz, dropped plans for a bid.
Selfridges operates three stores, with outlets in Manchester city centre and the Trafford Centre as well as is Oxford Street flagship. A fourth store opens in Birmingham in December. The Weston family empire also includes control of London stores Heals and Fortnum & Mason, along with Brown Thomas in Dublin.
