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Londis spurns [euro]35m bid for group from Spar supplier.
(From Irish Independent)
CONVENIENCE store chain Londis in Ireland yesterday rebuffed a [euro]35m bidfor the group by BWG, the company behind the Spar outlets.
Londis made the announcement after a meeting of directors unanimously rejected the offer.
In a letter to members of the group, Londis chairman Leo McCauley said: "The board's decision was taken on the basis that the offer is not strategically or financially in the bestinterests of our retail members or the company."
He added: "The board and management of Londis are now in a position to focus on thepositive growth of the business following a year of tremendous change and speculation."
A spokesman for BWG, which supplies Spar, declined to comment on the reaction to the rejections of the takeover bid.
Last May theIrish Independent reported that BWG was in talks to buy Londis. Therewas speculation last night the offer fell short of expectations.
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