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Allders share bid deadline
SCARLETT Retail, the firm set up by property developer Minerva to bid for department store group Allders, today gave shareholders until Wednesday to accept its offer, warning the deal may collapse otherwise.
Minerva is already Allders’ biggest shareholder, with 26.2 per cent of the group, and its 132 million recommended cash offer has been accepted by only 10.7 per cent of other shareholders.
Allders’ board is backing Minerva’s bid but Scottish retail entrepreneur Tom Hunter has said he may make a rival offer. Mr Hunter has built a 10.8 per cent stake in the group, enough to block Scarlett’s bid attempt.
Last week he abandoned an attempt to buy House of Fraser . He is thought to want to put the two companies together to save costs.
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Weather for Edinburgh
Friday 25 May 2012
Today
Sunny
Temperature: 10 C to 21 C
Wind Speed: 14 mph
Wind direction: North east
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Sunny
Temperature: 9 C to 20 C
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Wind direction: North east
