Londis rejects offer above Musgrave's

THE board of Britain's Londis chain has rejected a new offer for the company which is higher than the bid from Musgrave's.

Londis on Monday night received a £63 million (€94m) offer, but rejected the bid in favour of Musgrave's £60m (€90m) as the Cork firm's offer had less uncertainty for shareholders.

Musgrave's bid will be voted on by the 2,000 Londis shareholders, who also own the shops, later this month. Backed by the board, it will see individual shareholders net £31,000 (€46,000). The shareholders originally paid £50 (€75).