Grocer announces further overtures, but refuses to name names
Somerfield's share price has rocketed after receiving further proposals regarding possible cash offers for the business. The retailer would not give further details but stressed there was no guarantee that discussions would turn into a concrete offer.
Despite this, the City reacted positively to the announcement today, sending the grocer's share price up 4.9 per cent by 9.30am.
Last month, Icelandic group Baugur approached Somerfield with an offer to buy the company for£1 billion. The approach was rejected after less than two weeks because it did not offer value to shareholders. Baugur responded by saying it was still considering another bid, although so far none has been forthcoming.
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