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Storehouse Rejects Edelman Bid: Storehouse PLC rejected a...

June 12, 1989

Storehouse Rejects Edelman Bid: Storehouse PLC rejected a proposal by U.S. takeover specialist Asher B. Edelman that he make a friendly offer for the British retailer of about $1.2 billion. Edelman said he was prepared to offer $2.89, or 185 pence, a share for Storehouse, subject to several conditions including approval by Storehouse's board. But Storehouse said it wouldn't meet with Edelman to discuss his proposal, saying his approach "is neither an offer nor a firm intention to make an offer." Storehouse operates a total of about 900 stores on both sides of the Atlantic under the names Habitat, Conran's, Mothercare and BHS (British Home Stores). Edelman already owns about 33 million Storehouse shares, or 8.1% of total shares outstanding.

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