Dale's bid in focus at pools company
Friday 27 October 1995
The meeting took place as Dawnay Day, the merchant bank representing Mr Dale's consortium, issued a formal statement confirming that it had made a "serious but indicative" proposal to the company, although it did not yet constitute a formal offer.
It is believed that the bank was forced by the Takeover Panel to release a statement after details of the proposals were disclosed earlier this week.
Some members of the Moores family, which controls the privately owned Littlewoods empire, were present at yesterday's meeting. The board, led by chairman Leonard van Geest, is now expected to discuss its findings with the 32 family members who own every share in Littlewoods, Britain's largest privately owned company.
Dawnay Day confimed that it sent a letter to Littlewoods' adviser, Kleinwort Benson, last Friday. It said it hoped to work with the Littlewoods board and Kleinwort Benson with a view to developing the proposal into a firm commitment in due course.
Backers of the pounds 1.2bn bid, which include top City names such as Prudential, Candover, Electra Legal & General, believe the family members may be prepared to listen to an overture.
A 75 per cent vote is required before a shareholder can sell to an outsider. Some younger family members are thought to be keen to realise the value of their stakes. However others believe that the company may be less well disposed to a consortium that includes Mr Dale, who was dismissed last year.
No rival bids have yet materialised, although some believe Mr Dale's approach may open a debate on the issue within the Moores family and flush out other offers.
Although Littlewoods, which includes the retail and football pools business, has been a poor performer, industry observers believe that with more dynamic and modern management the company's performance can be improved. Group profits were flat at pounds 116m last year on sales of pounds 2.75bn.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits record low as popularity suffers in wake of Ukip sex scandal
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Germany sees 'visible rise' in support for far-right extremism in response to perceived 'Islamisation' of the West
iJobs Money & Business
£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...
£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...
£40000 - £470000 per annum + bonus: Ashdown Group: Java Developer / J2EE Devel...
£45000 - £55000 per annum + Benefits: Ashdown Group: An exciting opportunity h...