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Iceland Foods auction expected to begin this week Monday, 19th September 2011
The auction for Iceland Foods is expected to begin some time this week.
Around twenty bidders are thought to have sent information on the sale including Morrisons, Tesco, Asda and Sainsbury’s.
The Resolution Committee acting for collapsed Icelandic bank Landsbanki has appointed Bank of America, Merrill Lynch and UBS AG to sell its 67 per cent stake in the frozen food chain.
However, as My-Retail Media has previously reported, there is a risk that the sales process will be slowed down.
Iceland’s management team and chief executive and founder Malcolm Walker, who together currently own the remaining 23 per cent of the chain, are also thought to be interested in placing a bid for Landsbanki’s share of the chain.
Last year Iceland was valued at £1 billion with valuations now varying between £750 million and £2 billion.