Londis rejects BWG offer

The Board of ADM Londis has rejected an offer for ADM Limited by BWG Limited.

The unanimous decision was taken at a board meeting on Tuesday, March 30.

Chairman Leo McCauley said: "The Board's decision was taken on the basis that the offer is not strategically or financially in the best interests of our retail members or the company.

"The Board and management of ADM Londis are now in a position to focus on the positive growth of the business following a year of tremendous change and speculation."

During 2003, ADM Londis opened 30 new stores and created approximately 400 new jobs in Ireland, bringing the total number of Londis stores to almost 300 and employment to about 4,500 nationwide.

The Group plans to open a further 30 stores in the current year.

It now commands over 7% of the convenience retail sector in Ireland and is the country's fastest growing symbol group.