Big Food set to be consumed; Iceland owners in takeover talks.Byline: DAVID JONES David Jones is a common name, particularly in Wales, and there have been several well-known individuals with this name. Variations include Dave Jones and Davy Jones. ICELAND-to-Booker group Big Food confirmed last night it was in talks with Icelandic retail group Baugur over a possible takeover valuing the company at pounds 378m. Shares in the firm, which has nearly 750 Iceland outlets in the UK, surged more than 11% on news that the company was considering an offer of 110p a share. However, Baugur said it reserved the right to make an offer at a lower price with the agreement of Big Food's board. It came as Big Food revealed like-for-like sales Like-for-Like Sales The portion of current sales achieved through activities that are comparable to the activities of the previous year. Notes: Using like-for-like sales is a method of valuation that attempts to exclude any effects of expansion, acquisition, or other had worsened at both Iceland and Booker in the last 10 weeks, as poor weather hit an already difficult trading environment. Same-store sales at Iceland were 3. 8% lower in the 10 weeks to September 10, against a fall of 2. 6% in the 23 weeks to the same date. Meanwhile, Booker saw like-for-like sales slip 4. 1% in the last 10 weeks, compared with 2. 4% in the 23-week period. Big Food said conditions had been worsened by consolidation in the grocery market and increasing price competition, which was expected to continue. News of the approach by Baugur follows the sale of the company's 10% stake in department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. group House of Fraser House of Fraser is a British department store group with 61 stores (July 2007) across the country. The group was founded in Glasgow in 1849. The flagship London store is now the House of Fraser on Oxford Street whilst the largest is in Birmingham. earlier this week, which was said to have boosted the Icelanders' war chest for potential acquisitions by pounds 20-pounds 30m. Baugur has built up a significant presence on the UK high street and clinched a pounds 120m takeover of fashion brand Karen Millen in June. It also owns a string of other womens wear stores, including Coast, Whistles and Oasis, which it bought for pounds 152m in November. Many analysts had seen Bauguras a more likely bidder for womens wear retailer Hobbs, which is expected to be put up for sale by its majority owner, Barclays. Big Food has been considered vulnerable to a takeover after it announced two months ago that like-for-like sales slipped 0. 5% in the 13 weeks to July 2. The Deeside-based company said at the time that it expected tough competition to continue ``for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future'' as rivals in the food retailing sector slashed costs. Analysts expressed surprise at the offer price suggested in the statement from Big Food, which many said was more than the company appeared to be worth. |
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