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Wyevale Entertaining Buyout Offers

HEREFORD, ENGALND-The locally based owner of some 120 retail garden centers says it has received multiple expressions of interest from private equity houses in making an offer for the company.

By Brian K. Miller | Updated on July 26, 2005

HEREFORD, ENGLAND-Wyevale Garden Centres plc revealed Tuesday that it has received “a number of expressions of interest in making an offer for the company” from private equity firms and trade buyers. Wyevale owns some 120 retail garden centers throughout England and Wales.”A process is underway to explore these interests with a view to determining whether an attractive offer can be obtained for all shareholders,” the company said in a statement to the London Stock Exchange. In addition, this week, Wyevale’s board acknowledged receiving notice on behalf of activist shareholder Laxey Partners (UK) Ltd. and related funds yesterday afternoon requisitioning resolutions, inter alia, for the removal of the Wyevale chairman David Williams as a director and for the appointment of Robert Ware as his replacement. The board is recommending against the resolution, saying it will be writing to shareholders setting out its reasons “in due course.”Lacey’s action comes just a couple of weeks after Wyevale announced the result of a strategic property and retail review. As part of the review, the company decided to sell 28 smaller garden centers in an effort to focus on its larger sites.

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