A CONSORTIUM led by private equity group CVC Capital Partners was last night on track to take over Debenhams after its opponent pulled out of a battle for the store group.
Rival bidder Laragrove said it would not be raising its £1.5bn offer for Debenhams after CVC's Baroness Retail vehicle yesterday raised its bid to £1.72bn.
Laragrove, led by investment group Permira, said the 470p-a-share offer proposed by Baroness was higher than the price it was prepared to pay.
Baroness will attempt to gain the approval of Debenhams' shareholders for its improved offer, which has the agreement of the store group's independent directors.
Laragrove's decision to pull out of the running for Debenhams comes only days before an October 31 deadline set by the Takeover Panel.
Baroness, which also includes Texas Pacific Group and investment bank Merrill Lynch, was effectively bidding against itself with the new offer, which tops the £1.66bn bid it made last month.
It represented a 3.3 per cent premium to its original 455p-a-share proposal and a 10.6 per cent improvement on the £1.5bn offered in July by Laragrove.
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