UK - Venture capital group Permira is considering a second bid for high street retailer WHSmith a month after talks stalled over its scheme deficit.
Permira’s £940m bid collapsed when the WHSmith Pension Trust said any deal had to include a “substantial” contribution to the scheme’s £215m deficit. The scheme has an agreement with WHSmith that it will plug the gap over the next 12 years.
Permira wanted similar terms but scheme chairman Martin Taylor insisted the majority of the deficit had to be plugged immediately to safeguard its future.
Permira said any further bid would come through Jamaica Trading – a fund backed by banks and other private equity funds.
But Permira stressed that “no decision has currently been made on the value of a potential revised proposal, if any proposal is to be made”.
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