Pyrrho ups rival bid for Liberty

14th May 2010 09:23

Pyrrho Investments said it was behind the failed bid approach for Liberty on May 7 and has now improved its offer for the luxury goods retailer.The group has made a revised proposal at a higher aggregate price than BlueGem's aggregate 186p per share offer. Liberty received the offer from BlueGem on May 7 when Pyrrho's initial 185p per share bid was rejected. Pyrrho is the largest shareholder (20.38%) in MWB Group Holdings, which is the largest shareholder in Liberty. The group said it wanted to "express its dissatisfaction" with the bidding process for Liberty and that it was initially "deprived" of the opportunity to respond to BlueGem's possible offer. "It would be desirable and in accordance with the General Principles on which the City Code on Takeovers and Mergers is based for both Liberty shareholders and, since MWB is the majority owner of Liberty, MWB shareholders to be given a full opportunity to consider any approach from Pyrrho in a properly informed and advised manner," added Pyrrho.