Department store group lined up for bid
Acquisitive private equity firm Apax Partners has emerged as the likely mystery bidder for department store group House of Fraser, following the retailer's after-market-close disclosure on Friday that it received 'a very preliminary approach from a third party that may or may not lead to an offer being made for the company'.

House of Fraser was forced into issuing a statement by the Takeover Panel after a rise in its share price, although it did not reveal the name of the potential suitor in its brief statement.

Apax is understood to have been following House of Fraser for several months and is expected to table a bid valuing the retailer somewhere above£300 million.

If Apax does make a formal offer this week, it could also face competition from rival department store chain Debenhams, which is said to be following the situation closely.

House of Fraser has been the subject of speculation before and was previously the target for retail entrepreneur Sir Tom Hunter, who spent a year building a stake in the business with Icelandic group Baugur before the pairing decided against a move and sold their shareholdings.

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