Allders investors are urging the department store chain and Minerva to hold talks with Tom Hunter.
Hunter is seeking a merger of Allders with House of Fraser, both of which he has been stalking. Minerva still refuses to open a dialogue even though Hunter took his stake in Allders yesterday to above the 7.5% needed to block Minervas agreed £131.9m bid through its Scarlett Retail vehicle. Hunter bought 800,000 shares at 168p and said he would buy more at the right price.
Minervas advisers said the group would not talk to Hunter until he had about 12% of the shares, reports the Financial Times. House of Fraser has indicated it is willing for its advisers to talk to Hunters advisers, probably on Friday. The Independent says Hunter said is considering a full bid for Allders. The newspaper says he is one of the faces to watch in 2003.
Financial Times 08/01/03 page 22
The Guardian 08/01/03 page 17, page 18 (Notebook)
The Times 08/01/03 page 20 (Commentary & Need to know)
The Daily Telegraph 08/01/03 page 29
The Independent 08/01/03 page 19, page 21
