Speculation over Debenhams continues
Beatties revealed today that it has received an unsolicited approach from a third party, following press speculation at the weekend that Debenhams was interested in the department store chain.
In a statement, Beatties said: 'There can be no certainty whether or not this will lead to an offer for the entire issued and to-be-issued share capital of Beatties.'
However, the retailer maintained that, unless circumstances change, it 'unanimously recommends shareholders to vote in favour of the proposal' for the acquisition by House of Fraser.
The£69.4 million move for the 12-store Beatties chain forms part of House of Fraser's strategy to grow its business across the UK. Private equity-backed Debenhams has yet to comment on the validity of claims that it has made a counter bid.
A document in connection with the proposal is expected to be released by July 16.
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