The long running bidding war surrounding Somerfield looks likely to end with the retailer being tipped to be on the brink of accepting what is thought to be a £1.1 billion deal.

The chain was reported to be in talks with a consortium led by property tycoon Robert Tchenguiz, with sources from the chain expecting a deal by the end of today (Friday).

“We’re just dotting the i’s and crossing the t’s,” once sources was quoted as saying.

The total amount of the deal is unclear. The consortium initially made an offer of 205p-a-share but is now thought to be keen to make a lower offer due to the lack of other bidders and the general market conditions.

However, Somerfield’s board has said it would reject any bids lower than 205p-a-share.

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