The bidding war for Somerfield has failed to affect the retailer’s share price.

Despite two interested parties - a consortium including Icelandic investor Baugur, property mogul Robert Tchenguiz, Apax and Barclays Capital, and a group led by property tycoons Ian and Richard Livingstone - submitting indicative proposals for the supermarket group, Somerfield’s share value remains below 200p.

In trading yesterday, shares in the group increased 2.5p to finish on 191.75p.

Analysts said that the market may be bored of the due diligence process which has taken longer than expected, or concerned that an agreement would not be reached.

Earlier this week, United Co-operatives pulled out of the bidding race, stating that it had "now decided not to proceed with an offer for Somerfield".