UK: Iceland CEO makes £1.55 billion pre-emptive bid
The bid is a surprise to insiders who were anticipating Bain and BC Partners, the two private equity firms involved in bidding, to go first with their offers.
Mr Walker, along with his management team, already owns a 23% share of Iceland. His offer is thought to have been boosted by friends and family, including Lord Kirkham (DFS). The bid has been further boosted by a loan of 2.5 million from Landsbanki and Glitnir, the Iceland banks, who own the remaining shares in the chain.
Mr Walker has also been backed by Deutsche Bank with senior debt of around £700m and by Blackstone's debt arm GSO with around £200m.Aided with cash from friends and family and more debt from Bank of America and UBS, the entrepreneur's paying power jumped by £300m.
Source: www.telegraph.co.uk
