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Deadline set for Caffé Nero
Caff' Nero must announce a firm offer for rival Coffee Republic by 16 December or else withdraw, the Takeover Panel has ruled.
Caff' Nero has said it is still interested in acquiring Coffee Republic, despite its recent conditional offer of £10m being unanimously rejected by the group, which believed it did not reflect adequate shareholder value.
Shareholder Julian Richer of Richer Sounds, said of Gerry Ford, CEO and Chair of Caff' Nero: 'I admire the cheekiness of his offer, which ridiculously undervalues the assets, the excellent value of this brand and the company's future potential. There is absolutely no way I would consider selling at anywhere near the price offered.'
Separately, Coffee Republic has agreed to sell up to 13 leasehold sites to Starbucks for a cash consideration of up to £2m.