The proposal was made on April 11 and in a statement issued by the store, is 'subject to a number of conditions and it is uncertain whether an offer will ultimately be made. A further announcement will be made when appropriate.' Speculation in the press today and on the internet centred on a possible offer from a 'European private equity firm' or one of the Safeway bidders. Shares in Somerfield, which also owns the Kwik Save chain, rose 23 per cent to close at 91p at the end of business on April 15. This gave the store a price tag of £455 million.

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