Business Services Industry
British Investor May Wait on Placing Safeway Bid to Drive Shares Lower.
Knight Ridder/Tribune Business News, March, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Mar. 20--A bid of at least UKpound 3 a share (UKpound 3.2 billion) would be needed from Philip Green to persuade Safeway investors to sell before the Competition Commission's ruling.
But he has time on his side and may try his luck with a lower offer. Investors are nervous about the economic outlook and it could be six months before they know whether any other bidder will be allowed to make an offer, which could be higher.
The long wait is bound to damage staff morale at Safeway. Employees are already jumping ship to rival retailers and trading is rumoured to be poor. The negative publicity could persuade shoppers to go elsewhere.
The shares hit a peak of 326 pence at the...
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