Back to square one at Woolies

The story of Apax Partners’ abortive takeover bid for Woolworth’s just goes to show that in the City as well as in countryside hedgerows, a bird in the hand really is worth two in the bush. The VC’s £837m offer was withdrawn yesterday following concerns over mysterious-sounding ‘key cash items’. Perhaps they couldn’t find any Kola Kubes at the Pick’n’Mix counter. But in the meantime troubled Woolies’ moribund shares had rallied to the (relatively) dizzy heights of around 55p each. Any investors who decided that this was too good a chance to miss will have been smiling all the way to the bank – today the price is back down in the mid-30s again. For the background on Woolworth’s rise and fall, read this piece from the MT archive.

Last Updated: 31 Aug 2010

Find this article useful?

Get more great articles like this in your inbox every lunchtime

Social responsibility may no longer be a choice

Editorial: Having securitised businesses’ loans and paid their wage bills, it’s not inconceivable the government...

What went wrong at Wirecard

And how to stop it happening to you.

Leadership lessons from Jürgen Klopp

The Liverpool manager exemplifies ‘the long win’, based not on results but on clarity of...

How to get a grip on stress

Once a zebra escapes the lion's jaws, it goes back to grazing peacefully. There's a...

A leadership thought: Treat your colleagues like customers

One minute briefing: Create a platform where others can see their success, says AVEVA CEO...

The ignominious death of Gordon Gekko

Profit at all costs is a defunct philosophy, and purpose a corporate superpower, argues this...