Hunter continues to build Allders stake
HoF bidder seeks voice in Minerva acquisition
January 3 2003
Tom Hunter has increased his stake in department store operator Allders to around 4.8 per cent.
The retail entrepreneur, who has tabled a takeover bid for rival chain House of Fraser, paid 167p a share for 525,000 shares, 7p a share higher than the price being paid by Scarlett Retail, which has agreed the acquisition of Allders.
Hunter met Terry Green, a partner in Scarlett Retail along woith property company Minerva, before Christmas to open preliminary discussions over a merger of Allders and House of Fraser.
The stake ensures Hunter retains a voice in both theAllders acquisition and any subsequent merger talks with House of Fraser. His bid for HoF has been rejected by the board, and he agreed to postpone any further action until after the Christmas trading period.
