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WH Smith in bid marathon

13 April 2012

TODAY'S board meeting at under-siege WH Smith is expected to continue tomorrow as directors discuss strategy over the £940m takeover approach from private equity firm Permira, which is working with former Smiths directors Simon Burke and Keith Hamill.

Shares in the group soared yesterday on news of the approach but, at 348 1/4p today, remain below the indicative terms of 375p a share.

Smiths is understood to have told the would-be bidders that the assumptions on which their price is based are too cautious. The retailer has also asked for more details about the structure of the deal. Interim results will be released as planned on Thursday.

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