Two indicative offers for Arnott’s

THE long-running battle for Arnotts, one of the country’s best known department stores, may come to a head this week with the lodgement of two indicative offers this week.

It is expected that Carrgran, the Lehman Brothers vehicle involving former Power Leisure executive Peter O’Grady-Walshe and also a rival consortium involving Arnotts director Richard Nesbitt will make bids for the company.

It has emerged that Anglo Irish Bank is backing the €245 million MBO led by Nesbitt, which emerged after the board rejected previous offers by Carrgran.