THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Morrisons edges closer to bid for Iceland

Morrisons is reported to be holding preliminary talks with banks about a potential £1.5 billion bid for Iceland Foods, according to the Daily Telegraph.

CITY & CORPORATE

Morrisons edges closer to bid for Iceland

Sainsbury’s and Asda are also reported to be interested in making a bid although Morrisons is regarded as a front-runner at present.

Iceland is being sold by the Resolution Committee of failed Icelandic bank Landsbanki which holds a 67% stake in the frozen food chain.  The committee is thought to be seeking a price tag of £1.8 billion to £2 billion for the sale.

Morrisons would triple the number of stores in its portfolio if it were to buy Iceland which currently has 750 stores. It would also enable the supermarket to increase its market share from 12% to 14%, grow its presence in London and the South East, and strengthen its convenience store offering.
   
However, if it does submit a bid it is likely to meet opposition from Malcolm Walker, Iceland’s founder and CEO, who has a 26% stake in the business. Walker has already indicated that he would like to submit a bid and could team up with a number of private equity firms which have also expressed an interest in the sale.

Iceland achieved sales of £2.2 billion last year and profits of £184.2 million.

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
National Minimum Wage Breakfast Briefing
National Minimum Wage Breakfast Briefing
20 September 2018
6th Floor 1, St. Martin's Le Grand London, EC1A 4AS
National Minimum Wage Breakfast Briefing