Canadian billionaire Galen Weston headed the one-horse race to control department store group Selfridges as Retail Week went to press.
He had more than 50 per cent of issued share capital in the bag. A further announcement was expected this morning, following the expiry of yesterday's deadline. A further deadline extension is still possible. Weston's bid vehicle, Oxford Acquisitions, controls 29.4 per cent and has acceptances for a further 21.5 per cent for his£628 million offer.
Rival bidder Robert Tchenguiz retreated last week, citing 'continuing uncertainty' in the retail sector.
Selfridges chief executive Peter Williams said Weston was likely to seal the full deal and expected its completion ahead of the Birmingham Bullring store's grand opening on September 4. The shop will boast 120,000 sq ft (1,115 sq m) of trading space.
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