Deal prepared well ahead of 5pm deadline
Somerfield has accepted a takeover bid from a consortium of Apax, Barclays Capital and Robert Tchenguiz, subject to finalising financial details.
The offer would value the UK's fifth-largest grocer at£1.1 billion, at the price of 197p a share. The bid has been made well ahead of today's 5pm deadline.
Although the 197p-a-share price was significantly below that of the 205p-a-share figure proposed by the Somerfield board in April, it is thought that shareholders will accept the bid.
It is also understood that the bid consortium has signed up Debenhams chairman John Lovering as a potential chairman for the grocer.
A further announcement will be made later today.
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