Business Services Industry
British Retailer Allows Merger Candidate to Examine Its Finances.
Knight Ridder/Tribune Business News, September, 2003
By Lucy Farndon, Daily Mail, London Knight Ridder/Tribune Business News
Sep. 9--House of Fraser has allowed Allders boss Terry Green to have a peep at its books, signalling it is only a matter of time before the two retailers merge.
The Daily Mail can reveal that last month Fraser's boss John Coleman agreed to give Green and his backers Minerva access to confidential company information after they made a bid approach.
City sources say they offered more than 110 pence per Fraser share, valuing the group at UKpound 260 million. Coleman deemed the price worthy enough to enter into serious talks. Fraser closed unchanged last night at 93 1/2 pence.
Green and his team conducted four days of due diligence on Fraser's books....
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