Hunter still undecided on House of Fraser bid
Entrepreneur keeps options open with raised Allders stake
January 18 2003
Tom Hunter has increased his stake in department store operator Allders to 10.8 per cent.
The entrepreneur has less than a week to decide whether to press his bid for Allders’ rival rival House of Fraser, with the Takeover Panel having set a deadline of noon on January 24 for a formal offer by Hunter, whether agreed or hostile.
His increased stake in Allders gives Hunter a role in any consolidation of the UK department store sector, whether or not he bids for HoF. The Guardian newspaper reports that business associates have suggested Hunter is considering abandoning the HoF bid, seeing a stake in Allders as the best way to achieve his goal.
However, property company Minerva, the biggest shareholder in Allders, said yesterday it would not sell its 26.2 per cent for 12 months to anyone other than Scarlett Retail. Scarlett has been set up by Minerva and former Debenhams and Bhs chief executive Terry Green to undertake the agreed Allders takeover.
