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Article: Investors agree to purchase UK Big Food Group
- Article from:
- China Daily
- Article date:
- December 20, 2004
- Author:
CopyrightCopyright 2004 China Daily. Provided by ProQuest LLC. (Hide copyright information)
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Investors led by Baugur Group HF, the biggest Icelandic retailer,
have agreed to buy UK grocer Big Food Group Plc, after which they
plan to sell the company's Iceland food stores because competition is
hurting the chain.
The buyers are paying 95 pence (US$1.79) a share in cash,
according to a statement from Gavin Anderson & Co, Baugur's public-
relations adviser, valuing Big Food Group at 326 million pounds
(US$633 million). Baugur is the company's biggest investor with a 22
per cent stake, and shareholders speaking for almost a fifth of the
stock plan to accept the offer, the statement said.
Big Food Group, located in Deeside, Wales, is losing sales to
competitors who charge less, such as ...