Woolworths rejects store takeover proposal

Woolworths has this morning rejected an offer to take its stores off its hands.
A consortium including the founder of the Iceland frozen food retailer, Malcolm Walker, and Baugur approached Woolworths with a view to acquiring its 815 stores for a reported £50m.

However, Woolworths says that the offer – which did not include the group’s entertainment businesses – would involve complex and impractical restructuring and undervalued Woolworths’ assets.

The company said recently that it would be focussing on its small to medium-sized stores.