Fresh bidders emerge in plc acquisitions

Several take-privates have attracted new bidders in the past fortnight, emphasising the pitfalls of doing deals in the glare of publicity. Hamleys, the children’s toys retailer, has attracted bidding from Children’s Stores, Tim Waterstones bidding vehicle. Children’s Stores has trumped an earlier offer by the Icelandic retailing investor, Baugur. Debenhams, the retailer plc which has attracted the interest of Permira, has confirmed that its management are now also working with another potential bidder, CVC Capital Partners and Texas Pacific, backing a team headed by John Lovering. Meanhile, it is reported that institutional shareholders are becoming more concerned about the terms of private equity-backed take-privates. Deutsche Asset Management has increased its stake over 10% in Cinven-backed Fitness First, indicating a resolve of the investor to remain a minority shareholder in the health club group.

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