Only Tchenguiz remains
Somerfield suitors the Livingstone brothers have abandoned their bid for the UK's fifth-largest supermarket.
The brothers, who launched the bid via their private business London & Regional Properties, have withdrawn from the offer process ahead of the deadline for submissions on October 14.
Retail analyst Seymour Pierce said that the retreat 'was not unexpected', because London & Regional are reported to have had disagreements with the United Co-op, which was reported to be planning to acquire 500 Somerfield stores from the property firm if the bid was successful.
The only other potential bidder for Somerfield is a consortium including private equity firms Apax and Barclays Capital and property magnate Robert Tchenguiz.
London & Regional Properties have retained the right to make a competing offer if the Tchenguiz Consortium bids.
No comments yet