Health and beauty giant closes in with 75 per cent stake
Superdrug owner AS Watson has extended the deadline for acceptances of its recommended offer for Merchant Retail, owner of the 114-store Perfume Shop chain.

By the original deadline of 3pm on June 22, AS Watson had received valid acceptances totalling 74.2 per cent of Merchant Retail's shares. It extended the offer for a further 21 days, until 3 pm on July 13.

AS Watson is offering a cash price of 197p per share for Merchant Retail, valuing the retailer at just over£220 million.

Watson, part of Hong Kong corporate giant Hutchison Whampoa, owns six health and beauty retailers in Europe including Superdrug and Savers in the UK, plus two perfumery chains. Its recent purchase of French retailer AS Marionnaud made it the world's largest health and beauty retailer. Merchant Retail also owns the De Gruchy department store business.

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