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Arcadia formally accepts Green offer.

TOPSHOP owner Arcadia yesterday formally agreed to be taken over by Bhs billionaire Philip Green.

Mr Green last month announced his intention to launch a pounds 850m bid and agreed the deal in principle last week. Yesterday he launched the formal offer, which stripping out options promised to senior management values the firm at around pounds 770m.

The entrepreneur said, ``I am looking forward to completing this acquisition as soon as possible and to working with all of the people at Arcadia to continue the successful develop-ment of the business.'' Arcadia chairman Adam Broadbent said the offer represented an ``acceptable premium'' and gave certainty of value for Arcadia shareholders.

Arcadia also owns Dorothy Perkins, Wallis, Evans, and Top Man.

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Title Annotation:Business
Publication:Western Mail (Cardiff, Wales)
Date:Sep 11, 2002
Words:124
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