Business Services Industry
Bidders drop effort to acquire British department store group.
Knight Ridder/Tribune Business News, September, 2004
By Lucy Farndon, Daily Mail, London Knight Ridder/Tribune Business News
Sep. 14--House of Fraser's bid hopes evaporated after Scottish stalker Tom Hunter and Icelandic retailer Baugur offloaded their shares for UKpound 56 million.
The department store chain sank 9 pence to 118 pence as its broker Dresdner Kleinwort Wasserstein sold the 21 percent holding to City institutions at 113 pence each.
Scottish entrepreneur Hunter sold his entire 10.95 percent stake, making a profit of more than UKpound 9 million on his original investment. Baugur has made between UKpound 10 million and UKpound 11 million from the sale of its 10.1 percent interest, having paid around 60 pence each for the shares.
Hunter had hoped to buy HoF, but his...
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