'Put up or shut up' on Woolies

THE Takeover Panel has told Apax Partners to table a bid for Woolworths by 21 March or back off for at least six months.

Earlier this month, the private equity group put forward an indicative 50p-55p a share offer, valuing the sweets and toys group at up to £790m. Analysts say a bid of less than 60p is unlikely to succeed.

Woolworths is understood to have approached the Panel to force Apax's hand. Chairman Gerald Corbett, who rejected the initial approach, is keen to end the uncertainty caused by Apax's shadow bid.

Separately, Apax has emerged as the front runner to buy bureau de change group Travelex. Deutsche Bank, which has held a beauty parade of likely bidders, is understood to be impatient to conclude a deal in the face of escalating leaks about the sale. Apax refused to comment on either situation.

Apax is thought to have secured a two-week period of exclusivity for a £1bn bid for Travelex, still 63% owned by founder Lloyd Dorfman, having beaten off rival bids from BC Partners, Permira and Kohlberg Kravis Roberts.

Under Takeover Panel rules, if Apax fails to put forward a bid for Woolworths by the deadline, it can return to the table only with the agreement of Woolies' board, or if a third party bids.