Somerfield bid party maintains interest

The prospect of a £1bn (€1.5bn) bid for British supermarket Somerfield was kept alive today by the last remaining bidder in the long-running takeover saga.

The consortium featuring Apax Partners, property tycoon Robert Tchenguiz and investment bank Barclays Capital said it continued “to work towards an offer” although it added there was no certainty an offer would be made.

The group has three days left to make up its mind as the Takeover Panel has a deadline of 5pm on Friday for the uncertainty over Somerfield to be removed.

Today’s statement was made at the request of the Takeover Panel, following continued media speculation over the state of bid talks with Somerfield.

One report at the weekend said the size of the deficit in Somerfield’s final salary pension scheme meant the Apax consortium would pay less than the £1.1bn (€1.6bn) previously indicated.

The group is the last remaining bidder after London & Regional Properties - owned by brothers Ian and Richard Livingstone – said on Friday that it had decided not to proceed with an offer.

Somerfield, which is the UK’s fifth largest supermarket group, has around 1,300 shops in the UK, including a large number under the KwikSave brand.