LONDON — It looks as if Permira — which made a formal bid last month for the U.K. department store group Debenhams plc — will have to wait to capture its prize.
This story first appeared in the August 20, 2003 issue of WWD. Subscribe Today.
It appears that Aug. 26, the first deadline for Debenhams shareholders to accept Permira’s offer of $6.93 per share will come and go quietly as shareholders wait for a rival bid to materialize — and that could take at least another month. CVC Capital Partners and Texas Pacific Group are still conducting due diligence on the U.K. department store group, and have until Sept. 30 to launch a bid.
A spokeswoman for TPG declined to comment on the progress of the due diligence or whether a bid would be forthcoming, while a spokeswoman for Debenhams also declined comment.
As reported last month, Permira’s bid has been recommended by the store’s directors. However, those same directors left the door wide open to other potential offers.