The group, led by former directors of T&S stores, has offered to pay £25.2m for 40 per cent of Londis leaving the remainder in the hands of the group’s 1,919 shareholders that run its 2,200 strong estate.
Under the new deal, each shopkeeper’s stake is worth £31,155 against £31,000 previously.
Geoff Purdy, the former T&S store buying and marketing director, is one of the team putting together the Lancelot bid. He said: “We have taken the decision to raise our offer because we are confident that over the long term we can deliver a stronger future to Londis shopkeepers and shareholders to that offered by Musgrave.”
However, the Musgrave camp scored a significant coup over the weekend by winning the backing of the Londis Shareholders Action Group, which has spoken up for the rights of the chain’s shopkeepers during the six-month takeover saga.
The action group said it was happy with Musgrave’s terms regarding the proportion of goods it would sell Londis shopkeepers and the prices it would charge.
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