Iceland Attractive Takeover Asset But High Valuation Likely To Deter Big FourApril 2011 | Corporate Financing Analysis
A director at UK retail major J. Sainsbury has suggested that the firm is closely eyeing discount retailer Iceland, which is likely to soon be sold by Icelandic bank Lansbanki. Sainsbury's Property Director Neil Sachdev told a local newspaper that 'everyone is looking at Iceland. When and if it comes up for sale then we will take a look. What we don't know is if Iceland will be sold whole or just broken up'. Iceland occupies some prime retail space on UK high streets and a full takeover would rapidly expand Sainsbury's network of smaller outlets. However, Sachdev also suggested that some of the property portfolio is 'pretty inferior', which may preclude a bid for the entire asset base.
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