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UK - Woolworths rejects Baugur

nicola
18 August 2008

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Retail chain Woolworths has rejected an offer by Baugur, which holds 10% of the group's shares, to break up the group and acquire its stores.

Baugur is backing Malcolm Walker, the chief executive of the Iceland supermarket chain and was attempting to split the group's retail outlets from the wholesale and DVD publishing divisions. Woolworth considered the offer as too low and the restructuring as impractical. The company's shares have declined in value by more than two thirds this yearm, closing at 6.65p on 15 August 2008.

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