South African furniture retailer Steinhoff makes £1.42bn approach for Argos owner – about £70m more than supermarket’s bidSainsbury’s faces a potential bidding war for domestic Retail Group after the Argos owner said it had received a £1.42bn approach from Steinhoff International.
The South African retail group,which owns of Bensons for Beds and Harveys in the UK and Conforama in France and is share-owned by novel Look owner Christo Wiese, has made an approach about a possible offer for domestic Retail worth 175p a share in cash - about £70m more than Sainsbury’s £1.35bn offer, and 167p a share,based on the supermarket’s closing price on Friday.
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Source: theguardian.com