Asda and Morrisons to bid for Iceland Foods?

Speculation is brewing that the supermarket chains Asda and Morrisons could be about to bid for a significant stake in Iceland Foods.

First-round bids for a majority stake in Iceland Foods should be in by mid-week and it’s being touted that likely bidders will include the Yorkshire based supermarkets. Bradford-based Morrisons and Leeds-based Asda, it is thought, have Iceland on their very own shopping lists.

Icelandic banks, Landsbanki and bank Glitnir are selling a combined 77 per cent stake in Iceland Foods.

Huddersfield-born Malcolm Walker, who owns a 23 per cent stake in Iceland, together with a number of his management team, has a pre-emption right, which means he only has to match the highest bid to win the auction himself.

Analysts are saying that the business could fetch more than £1.5bn.

If you are looking for management buy-out advice or are looking to bid for an interest in a Yorkshire based business, please call us – Michael Bell and Co, accountants and business advisors based in Yorkshire, on 01484 690730.