What led to bid collapse

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The Independent Online
Sept 1996 Andrew Regan buys controlling stake of New Guernsey Investment Trust, to become Lanica.

9 Feb 1997 Lanica's intention to acquire CWS is leaked.

10 Feb Lanica shares suspended. Lanica believed to fax plans to CWS about non-food businesses purchase.

5 March CWS said it had no intentions to meet Regan.

2 April Regan misses deadline to put a bid on agenda at Co-op agm on 17 May.

6 April John Owen steps down as controller of CWS regions and specialist retail.

9 April Bid plan: Regan would cut CWS costs by pounds 10m.

10 April CWS to cut costs, denies move is in response to Regan's proposals.

14 April CWS profits down 21 per cent to pounds 41.5m. Melmoth calls Regan an "irrelevance".

17 April Allan Green, controller of CWS retail, and David Chambers, chief manager of buying, suspended by Co-op. KPMG and Linklaters & Paines to investigate links between Green, Chambers and Regan.

18 April CWS wins injunction ordering Green, Regan, and Lanica's chief executive, David Lyons, to file affidavits detailing confidential CWS information in their possession.

19 April CWS seeks explanation of pounds 2.4m payment by Hobson, Regan's former company, to Cayman Islands-based Trellis, run by Ronald Zimet.

21 April CWS threatens to take Lanica to SFO unless it explains pounds 2.4m payment. Green admits serious breach of employee obligations.

22 April CWS approaches SFO. Nomura International would underwrite bid.

23 April Regan returns 7 boxes of CWS material. CWS threatens to sue Regan.

24 April Bid collapses.