The Baugur-led acquisition consortium rejected by Woolworths has contacted other shareholders to try to force the board to open negotiations over a possible takeover, according to the Financial Times.

Woolworths chairman Richard North rebuffed the approach, led by Malcolm Walker, chief executive of the Baugur-owned Iceland, saying it was “unacceptable to the board”.

Baugur, which owns a 10 per cent stake in the struggling retailer, offered£50 million for the 800 stores. Woolworths said the offer “undervalued the assets of the company” and had too many conditions attached.

Several of Woolworths’ biggest investors are on holiday, so a resolution is not expected in the near future.

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