Published reports say that the UK’s sixth largest food retailer, the 1,300-unit Somerfield Plc, has received a acquisition bid from a consortium that has a non-food retailing makeup and an unnamed financial backer. The amount of the bid is the equivalent of $786 million (US).
The bid is not a formal offer, and the proposal reportedly is subject to a series of conditions.
The UK, of course, has been the site of food industry acquisition frenzy of late, with Safeway Plc there the target for virtually every other major retailer in the market. That acquisition dance is on hold, for the moment, as antitrust and competition regulators sort through the various scenarios.
The bid is not a formal offer, and the proposal reportedly is subject to a series of conditions.
The UK, of course, has been the site of food industry acquisition frenzy of late, with Safeway Plc there the target for virtually every other major retailer in the market. That acquisition dance is on hold, for the moment, as antitrust and competition regulators sort through the various scenarios.
- KC's View:
