Debenhams besieged
DEBENHAMS broke the last great takeover boom, a dozen years ago. Its chairman, Sir Anthony Burney, fought off the bid from UDS by casting doubt, not just on the bidder, but on the whole light-headed takeover frenzy of the day: 'This is not a game,' he said. Now Deb- enhams is once more under siege. I would like to think that Robert Thornton, Sir Anthony's no less resourceful successor, could repeat that success, and administer a much-needed cooling to the market's heads. But, with as many as four bidders wanting part or all of the business, it is more likely that he will find himself in an auction, making sure that Debenhams sells its life dearly. On that score, he has done well already. There is no blowing the froth off a market where Hanson Trust — rated, with BTR, the great takeover specialist of the day — can raise £519 million from its shareholders on the simple promise that the money will be used for bids.
Previous page
