Somerfield has accepted a £1.1 billion takeover bid.
The retail group’s board is backing the bid from property tycoon Robert Tchenguiz, private equity firm Apax Partners and investment bank Barclays Capital.
The offer will now be put to the retailer’s shareholders and it is hoped the deal will see an end to the long-running takeover saga which has surrounded the business since April 2003.
Analysts have said the deal is not as good as had been initially expected, but remained confident it would go through.
Further details are expected to be announced soon.
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