A reported merger bid for Halfords by van rental group Redde Northgate has been dismissed over a price disagreement.
The £1.4bn bid for the motoring and cycling retailer was dismissed because it “undervalues” Halfords, according to The Times.
However, the newspaper understands it may not be the end of a potential deal, quoting a source as saying: “There were discussions about what an integration of the two businesses might look like, but there were questions over the valuations of both companies.
“Both share prices weren’t doing fantastically well at the time, so there is nothing live at the moment. However, it could come back.”
Redde Northgate was built out of a merger of van rental firm Northgate and accident management group Redde in 2020.
The business now operates a fleet of 130,000 owned and leased vehicles and 700,000 managed vehicles. It has 175 branches in the UK, Ireland and Spain, employing more than 7,400 people.
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