Retail entrepreneur John Lovering is planning a last-minute £3.5 billion bid for Safeway, in a bid to snatch the supermarket group from Morrisons.
Lovering is believed to have obtained £3.5 billion funding for his bid from the Royal Bank of Scotland. Last week he was attempting to sign up Paul Mason, the former chief executive of Asda, to be installed as chief executive of Safeway if he wins the deal.
It is understood that Lovering has not yet approached the Safeway board and insiders believe that the chances of this eleventh-hour bid succeeding are small.
After information was leaked to The Sunday Times, Lovering denied he was planning a bid. He said: “I have no intention of making a bid for Safeway and if you publish that I am going to have to get heavy with you.”
Safeway has agreed a £3 billion recommended takeover offer from Morrisons, but investors have remained concerned about the price.
No comments yet