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Green Goes it Alone with $1.2B Retail Bid

LONDON- Billionaire U.K. investor Philip Green has dropped his bidding partner for the pounds 772 million ($1.2 billion) takeover of retail group Arcadia Group.

By Anita Howarth | Updated on September 05, 2002

LONDON-UK investor Philip Green has dropped his bidding partner Baugur and is pressing ahead alone with his £772 million ($1.2 billion) takeover of the 1,071-store Arcadia Group.

Baugur, an Icelandic retailer with a 20% stake in Arcadia, has given up any claim to the stores but is still using its holding to back the 408 pence-a-share offer by Green’s takeover company, Taveta Investments Ltd.

Green had originally made selling Arcadia’s Top Shop, Top Man and Miss Selfridge chains, comprising just under half the store portfolio, to Baugur a condition of his offer. But these plans were thrown into disarray when Baugur announced police had searched its offices. Baugur denied any wrongdoing.

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