THE Booker cash-and-carry to salmon farming group is expected to confirm today that it has received a takeover approach from the much smaller Budgens convenience store operator as a potential counter-bid to the merger proposal put forward last week by the Somerfield supermarketeer.
On Monday, Budgens refused to comment on reports that it had made an approach which would have in effect resulted in a reverse takeover and leave its chief executive John Von Speckelsen in control.
Booker has no chief executive, while chairman Jonathan Taylor has said that he intended retiring as soon as a replacement could be found for Charles Bowen, who was dismissed in March.
Talks have been continuing with Somerfield's chief executive David Simons about the no-premium all share deal which would result in a business with annual turnover well over #10bn from both the Somerfield stores, which include Kwik Save, and the 450,000 independent grocers supplied by Booker.
One major question is whether Somerfield will want the non-core businesses sold off first as a condition of any deal.
These include Marine Harvest McConnell fish farms, which employ 730 people in Scotland.
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