 The group rejected another takeover bid in 2003 |
Supermarket chain Somerfield has rejected a �1bn takeover approach from the Icelandic retail group Baugur. Somerfield rejected the bid, saying it was uncertain whether the proposal would deliver a formal offer at an "appropriate level" to shareholders.
Baugur recently completed the takeover of Big Food Group.
It is the second time in less than two years that the Bristol-based supermarket firm has rejected a takeover approach.
In 2003 it rejected a �594m bid from retail entrepreneurs John Lovering and Bob Mackenzie.
The chain, which operates from 700 Somerfield stores and more than 500 Kwik Save sites, recently revealed a decline in like-for-like sales as it joined other retailers in warning of challenging trading conditions.
Baugur has also acquired Hamleys and Goldsmiths in recent months, following an acquisition spree that has given it an annual turnover of �6.8bn.
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