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Article: Argos defies pounds 1.6bn GUS bid; Takeover move on store chain.
- Article from:
- The Birmingham Post (England)
- Article date:
- February 4, 1998
CopyrightCOPYRIGHT 1998 Birmingham Post & Mail Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Mail order group Great Universal Stores yesterday delivered a shock pounds 1.6billion takeover bid for Argos, the struggling catalogue stores chain famous for its abrasive television advertising campaigns.
The 570p per share offer was immediately rejected by Argos, which called the bid opportunistic while announcing that chief executive Dr Mike Smith would be unable to spearhead the bid defence due to ill health.
A series of profit warnings have left Argos in a ...