Hargreaves accepts date
The Takeover Panel has ruled that Matalan chairman and founder John Hargreaves must make an official offer for the company by noon on September 12, or formally announce that he does not intend to bid for the business.
Both Hargreaves and the Independent Committee of Matalan have accepted the Takeover Panel ruling. All parties were in agreement that it is in the best interests of Matalan shareholders to set a timetable in relation to any potential offer.
Reports surfaced in early July that Hargreaves was working on a bid to take the business private. Hargreaves owns a 53 per cent stake in the discount retailer.
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