Department store operator Fenwick has made a £71m recommended cash offer for rival Bentalls.
Bentalls said that Fenwick’s 173p per share cash offer valued the company at about £70.8m and represented a premium of 46.6% over the 7 June closing share price.
The purchase of the 100-year-old company will give Fenwick control of Bentalls’ six stores in the South East, including its flagship store in Kingston, Surrey and branches in Worthing, Bracknell, Ealing, Tonbridge, and at Lakeside, Essex.
If the takeover deal goes ahead it will net Andrew Perloff, chairman and chief executive of quoted property company Panther Securities, around £3.5m for his 5% stake.
EGi News 28/06/01
