Business Services Industry
Uncertainly Surrounds Bidding War for British-Based Safeway Supermarkets.
Knight Ridder/Tribune Business News, March, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Mar. 20--The competition authorities have given an unexpected boost to High Street tycoon Philip Green in the latest twist of the trolley wars.
The decision to subject all other bids to a competition probe leaves the door open for Green to come in with a quick low-ball offer for Safeway in the hope that shareholders will accept simply to end the uncertainty.
The ruling is a harsh one for poor old Morrison, which had hoped its offer would escape a full inquiry. Trade bidders will almost certainly put indicative offers on the table to persuade investors to hang on for the final competition verdict in September.
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