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Bauger closer to launching House of Fraser bid
Knowledge Asset Overview
Started: 14 Aug 06 by SU00004
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According to LONDON (Reuters) - Icelandic investor the Baugur Group is expected to launch a 350 million-pound takeover bid for House of Fraser within the next 10 days, according to a source familiar with the situation.
The bid could come in the next week to 10 days, the source said.
A spokesman for Baugur and House of Fraser declined to comment.
Various newspaper reports over the past two days said Baugur was expected to offer 148 pence per share for the department store retailer within days after striking a deal with pension trustees over the weekend.
At 8:57 a.m., shares in House of Fraser were up 2.9 percent at 144 pence.
House of Fraser (HOF.L: Quote, Profile, Research) said on June 9 it was in talks with Baugur regarding a takeover offer. Baugur bought 9.5 percent in the retailer at around 130 pence per share in April.
Baugur has invested in a number of British retailers including Hamleys and Woolworths (WLW.L: Quote, Profile, Research).
It has also made a number of acquisitions involving British retailers including tea and coffee retailer Whittards of Chelsea, jeweller Mappin & Webb and the Iceland supermarket chain.
Newspapers have reported HBOS (HBOS.L: Quote, Profile, Research), Icelandic private equity house FL Group and Kevin Stanford, the founder of the Karen Millen clothing chain, are members of the Baugur consortium.
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