Irish supermarket group Musgrave has made a £231.6 million sterling offer for Middlesex-based supermarket firm Budgens.
The offer translates into 135p per share. Musgrave currently owns 28 per cent of Budgens.
Musgrave's managing director, Mr Seamus Scally, says: "We have come to know Budgens and its management well since the acquisition of our stake in August 2000.
"We are now satisfied that Budgens represents the right base from which to develop our position in the grocery retailing market in Great Britain."
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Budgens says the offer is good value for its shareholders.
Non-executive chairman Mr Clive Clague said: "We believe that the offer delivers good value for shareholders and as a board we intend to recommend."
PA