French poised for Allied Carpets bid
Saturday 04 September 1999
Sources close to Tapis said the company was spending the weekend assessing financial information given by Allied, with a view to putting an offer of about 95p to the Allied board on Monday. Tapis yesterday said it was considering a cash bid and believed that a tie-up would generate significant benefits.
An 80p per share cash bid from Wassall, the mini-conglomerate, is the only formal offer made since Brown & Jackson, the Poundstretcher retailer, made an initial approach last month indicating a price of 50.5p.
Wassall already owns 24 per cent of Allied. Geoff Brady, Allied's new chief executive, said: "The uncertainty over the bids should be over in days."
Brown & Jackson said it was monitoring developments with a view to possibly re-bidding.
Mr Brady meanwhile unveiled plans to phase out the Allied Carpets brand, which he said did not fit with the upmarket profile of its customer base. Allied is to convert three stores to a new concept in the coming weeks. If successful, 50 conversions could follow next year. No name for the brand has been chosen, although in March Allied launched a new in-store curtains brand called "Aspects at Allied Carpets". The new name would have the "at Allied Carpets" suffix, Mr Brady said.
It also emerged Allied Carpets had threatened to sue Brown & Jackson were it to blame any withdrawal of its interest on the financial information it was given by Allied for due diligence.
Allied posted full-year losses of pounds 4.2m on sales down 4 per cent at pounds 294.1m. The shares were unchanged at 89.5p.
- 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
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
£20000 - £25000 per annum + OTE £35000: SThree: SThree are a global FTSE 250 b...
£20000 - £25000 per annum + OTE £35K - £45K: SThree: SThree Group have been we...
£20000 - £25000 per annum + OTE £35000: SThree: SThree Group have been well es...
£20000 - £25000 per annum + OTE £45,000 : SThree: Recruitment is a sales role ...