Debenhams’ independent directors agreed to conditionally recommend Permira’s £1.54bn takeover offer for the department store group.
The move paves the way for the private equity group to launch its 425p-per-share cash offer on Monday.
Debenhams shares closed down 6.5p at 427p.
Speculation is mounting that rival bidder CVC/Texas Pacific Group will force a bid battle by launching a higher offer.
References: Financial Times Money & Business 26/07/03 page 2, Daily Telegraph 26/07/03 page 29, The Times Business 26/07/03 page 52, The Guardian 26/07/03 page 24, The Independent 26/07/03 page 21
