Setback for Musgrave’s Londis bid

MUSGRAVE’S plans to buy the Londis operation in Britain in a £40 million deal have hit a brick wall.

Londis management have abandoned plans to hold an egm of the company’s 1,956 store owning shareholders to approve the takeover offer on December 30.

A combination of a shareholders revolt at the prospect of management getting more that £20m from the Musgrave’s offer and a rival offer of £40.3m from the Bid Food Company convinced management to scrap plans for the egm.