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Debenhams Portfolio Revalued at 425-M Pounds

LONDON-The property portfolio of department store chain Debenhams has been revalued at pounds 425 million ($694.3 million), 30% less than the company had hoped

By Anita Howarth | Updated on July 14, 2003

LONDON-Bad news for Debenhams. The property portfolio of department store chain has been revalued at £425 million ($694.3 million), 30% less than the company had hoped.

The announcement scuppered hopes that potential buyers would be forced to increase their bids. Debenhams has already agreed to a £1.5 billion ($2.4 billion) takeover by private equity firm Permira but there is growing speculation that a rival bid could be launched. Shareholders had hoped that the property would be revalued at £600 million ($979.9 million) and so, in the event of a bidding war, force bidders to raise their offer.

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