Bentalls confirms bid talks

June 8, 2001
Web posted at: 0839 GMT

LONDON (CNN) -- Bentalls shares rose on Friday after the UK department store group said it was in talks with another company that could lead to it being acquired.

Shares in 134-year-old Bentalls (BENT) rose more than 7 percent to 126 pence, valuing the company at £48 million ($67 million).

"The board confirms it is in discussions, which may lead to an offer being made for the company," a Bentalls statement said. "A further announcement will be made in due course," it added.

Bentalls, which has been at the center of press speculation about a possible takeover, operates six stores in southeast England and in March posted full-year operating profits of £2.9 million.

The company last year rejected an approach from Allders (ADS), the UK's fourth-largest department store group.

Allders Chief Executive Harvey Lipsith said last month he would never rule out consolidation.

Allders shares were unchanged in London at 169.5 pence.

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