Only one bid had been tabled for the planned £2 billion sale of supermarket chain Somerfield by the end of last week, leading to rumours the sale could be dropped.
As reported in The Times, The Co-op is thought to be the sole retailer to have tabled a full proposal for the business, which is part-owned by property tycoon Robert Tchenguiz, ahead of the March 14 cut-off date.
Asda has so far failed to table an offer, despite rumours it sounded out Somerfield’s owners about a potential takeover last year.
One source close to Somerfield said: “They’re a little bit uncertain about what Asda’s intentions are. If they don’t get the price they want, they will hold on.”
Asda chief executive Andy Bond refused to comment when asked about his group’s intentions yesterday.
A Co-op spokesman also refused to comment. Chief executive Peter Marks considered a bid for Somerfield three years ago when he was in charge of United Co-operatives, which is now part of the wider Co-op group.
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