Bid For Debenhams Remains Open

The offer for Debenhams made by Permira has formally lapsed, leaving the way clear for Baroness Retail, the consortium backed by CVC Capital Partners and Texas Pacific, to acquire the UK department store business.

Although Permira's bid was withdrawn last month, the offer period set out by the Takeover panel needed to expire. With that period now up and the £1.7bn Baroness Retail offer for Debenhams the only one on the table, the long running takeover saga enters its final act.

Debenhams, with around 105 stores, is the UK's number two department store retailer in terms of sales, ranking behind John Lewis which has fewer stores but typically much bigger catchment areas.