Woolworths’ biggest shareholder is backing the variety store retailer in its rejection of Malcolm Walker’s £50 million bid, according to The Sunday Times.
Iranian property tycoon Ardeshir Naghshineh, who owns a 10.2 per cent stake in the company, refused to deny he is planning his own bid for Woolies.
“Walker is well respected, but the board rejected the bid and rightly so – it’s not a good deal for Woolies or shareholders,” said Naghshineh. “ I am interested in the business but I can’t comment further.”
Walker, backed by Woolies shareholder Baugur, proposed buying the 815 stores but leaving the parent company with a near£100 million pension deficit.
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