Weston nears deal for Brown Thomas

BROWN THOMAS owner Galen Weston is closer to completing his £598 million bid for department store group Selfridges after receiving more acceptances from shareholders.

Oxford Acquisitions, Mr Weston’s bidding vehicle, now owns has agreed to buy 29.43% of Selfridges, and has received acceptances for its offer from shareholders owning 53.37%. The offer has been extended until Monday, Oxford Acquisitions said.

Mr Weston outmanoeuvred a rival bid from property businessman Robert Tchenguiz, who withdrew his initial takeover offer for the group.