The owner of Iceland Malcolm Walker has made an offer for retail chain Woolworths, but the latter firm rejected it.
Woolworths stated that the bid undervalued the business and would require extensive changes if it were to succeed.
“It required the company to retain all the pension liabilities for current and former employees of the retail business. This is unacceptable to the board,” a statement from the ailing firm said.
Walker wants to operate the retail section of Woolworths as a growing concern and not take on EUK, the books and distribution arm or 2 Entertain, the distribution deal it holds with the BBC.
