A consortium including Apax Partners, Barclays Capital and Robert Tchenguiz, which has called itself Violet Acquisitions, recommended the offer.
The offer will now go to Somerfield shareholders for approval. Somerfield’s board of directors said that they would recommend shareholders to vote in favour of the proposals.
John von Spreckelsen, chairman of Somerfield, said: “We believe that the proposals represent a fair value for the business and its prospects, and after careful consideration, the independent directors are unanimous in recommending to shareholders that they vote in favour of the proposals.”
Steven Back, chief executive of Somerfield, added: “For the management team, this is a tremendous opportunity. Our staff, managers and suppliers now have certainty and we can continue to deliver the strategy we have commenced and look forward to the next stage of its development.”
Meanwhile, consortium member Robert Tchenguiz has promised to “throw a lot more money” into the supermarket chain in order for it to compete with Tesco, Asda, Sainsbury’s and Morrisons.
“We are competing with the big boys. We will compete. We are not scared of competition,” he said in an interview with the Sunday Telegraph.