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Cinven seeks advice over WH Smith bid.


Cinven, the private equity group most likely to rival Permira in the race to buy WH Smith, has appointed investment bank Merrill Lynch to advise it on a potential offer.

Permira has now entered the due-diligence process of its proposed takeover of the ailing UK retailer, but Cinven is now attempting to get WH Smith's CEO Kate Swann on their side to bolster any potential bid.

Swann has denied she has had any contact with Cinven and that she was concentrating on trying to turn around the loss-making company. Earlier in 2004 Swann said that she had no plans to link up with a venture capitalist firm, reports The Telegraph.
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Publication:M2 Best Books
Article Type:Brief Article
Geographic Code:4EUUK
Date:May 17, 2004
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