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12/09/2003
Debenhams bidding drives up group’s shares
A £1.66 billion bid for retail store group Debenhams has ousted a previous bid that was recommended to the group.
A consortium of private equity groups CVC Capital and Texas Pacific, under the name of Baroness Retail, placed a rival bid worth 455p per share, topping an offer worth 425p per share bid by an in-house management team that was backed by private equity group Premira.
Debenhams shares rose to 458p this morning on the news of the takeover bid, mainly fuelled by speculation that Premira may be prepared to up their previous bid.
The sale of Debenhams, which was demerged from the Burton Group in 1998, has generated much interest.
The group owns several successful high street retail brands including Selfridges and House of Fraser that as well as having a strong brand image have a valuable portfolio of property in prime high street locations.
Debenhams has over 100 stores in the UK and operates franchised outlets in Europe and the middle east.
(SP)
A consortium of private equity groups CVC Capital and Texas Pacific, under the name of Baroness Retail, placed a rival bid worth 455p per share, topping an offer worth 425p per share bid by an in-house management team that was backed by private equity group Premira.
Debenhams shares rose to 458p this morning on the news of the takeover bid, mainly fuelled by speculation that Premira may be prepared to up their previous bid.
The sale of Debenhams, which was demerged from the Burton Group in 1998, has generated much interest.
The group owns several successful high street retail brands including Selfridges and House of Fraser that as well as having a strong brand image have a valuable portfolio of property in prime high street locations.
Debenhams has over 100 stores in the UK and operates franchised outlets in Europe and the middle east.
(SP)
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