Somerfield will revalue its 1,300-store property portfolio in its full-year results in July, in an attempt to justify its rejection of a 120p-a-share bid approach from entrepreneurs John Lovering and Bob Mackenzie.
The Daily Telegraph said that Somerfield’s estate has a book value of £542m, but this has not been reassessed for seven years.

The Independent on Sunday reported that Somerfield would reveal a £500m increase in the value of its property portfolio. The paper said Somerfield executive chairman John von Spreckelsen is to commission an independent valuation. Property experts told the paper that the estate’s current value of £542m could now be over £1bn. But added that the Kwik Save stores were in need of some £800m of investment in refurbishment.

The Mail on Sunday reported that an investigation into food retailer Iceland by the Serious Fraud Office is to examine company accounts from three years ago to see if shareholders were misled over Iceland’s real profitability.
Now owned by the Big Food Group the investigation will focus on into Iceland’s results for the first half of 2000 and stems from a DTI probe into share sales made by Iceland’s founder Malcolm Walker before the revised forecasts were announced. Walker has denied any wrong-doing.

Meanwhile, The Observer said that BFG chief executive Bill Grimsey and finance director Bill Hoskins would make millions of pounds if the company was taken over. The paper said both have been granted long-term incentive plan shares and options in the event of a bid, regardless of performance.