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Somerfield backs $1.9b takeover

10/16/2005

Somerfield has been at the centre of a number of approaches as the board of supermarket group Somerfield has accepted a 1.1bn ($1.9bn) takeover offer, reports BBC.
As expected, the firm is backing a bid from property tycoon Robert Tchenguiz, private equity firm Apax Partners and investment bank Barclays Capital.
The consortium had been given a 5pm Friday deadline by the UK Takeover Panel to either "put up or shut up".
Its offer will now be put Somerfield's shareholders. The company is the UK's fifth largest supermarket group.
The consortium's offer should finally bring to an end the long-running takeover saga surrounding Bristol-based Somerfield.