Second bidder for Beattie

The race is now officially on. Department store chain James Beattie received a second bid approach on Monday. The second bid comes less than a week after House of Fraser agreed to buy the chain for GBP 69.4 million. Beatties confirmed the approach from a third party. "There can be no certainty whether or not this will lead to an offer for the entire issue and to be issued share capital of Beatties," it said.

It did, however continue to unanimously recommend the House of Fraser proposal, which includes a pledge of GBP 13 million over two years to Beattie's pension scheme, which is currently GBP 7.3 million in deficit. Beatties shares rose 4 pence.

Beatties operates 12 stores in central England. Last Tuesday it agreed to a bid from House of Fraser, which stemmed from an unsolicited approach in March of this year. The approach came five months after Brian Heilbron assumed his positions as chief executive of Beatties. As part of the House of Fraser deal, the Beatties directors agreed to resign from the board.