Baguar thought to have no interest in bid for Selfridges

Baguar, which has taken a 0.5% stake in Selfridges, is understood to have no plans to make a takeover bid for the company, says The Times Credit Suisse First Boston, however, said Selfridges was an obvious bid target. The net asset value of the company at the current share price was roughly the same as the value of its Oxford Street store at £358m, it said. Any buyer could make profits in excess of £20m simply through sale and leaseback of the London store, the broker said. References: The Times 11/02/03 page 22 (Need to know), page 27, Financial Times 11/02/03 page 46 (Market Movers), The Guardian 11/02/03 page 25, The Independent 11/02/03 page 22 (Market Movers)