Off-licence minnow in audacious approach
Thresher, the UK's largest off-licence group, has rebutted an audacious bid from comparative minnow Wine Cellar, owned by Maryland Securities.

The offer from the 100-store retailer is thought to value the 2,000-store Thresher business, owned by Guy Hands' private-equity firm Terra Firma Capital, at between£150 million and£200 million.

However, Hands bought Thresher for£245 million in 2000 and is believed to view the bid from Maryland Securities as undervaluing the business.

It is thought that Wine Cellar wanted to combine with Thresher to reduce costs in an increasingly competitive market. Thresher also owns about a third of its freeholds, making it an attractive property play.

Neither company has commented on the takeover speculation.

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