Debenhams agrees higher bid

The takeover battle surrounding high street department store Debenhams heated up today as the company agreed a £1.66bn (€2.36bn) offer.

The cash offer by Baroness Retail – a bid vehicle for investment groups CVC Capital Partners and Texas Pacific – trumps an earlier £1.54bn (€2.19bn) takeover deal which Debenhams had been recommending to shareholders.