Updates

Budgens - Take-over highlights convenience store renaissance

July 2002

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

We highlighted shares in convenience store operator, Budgens, last August at 99p. Of particular interest to us was the presenceof acquisitive Irish grocery and food distributor, Musgrave, on the share register with a 43% stake. We believed that oncethe restrictions preventing it from making a bid ended that month, the way would be clear for a take-over. And so it has proved, with Budgens having just announced an agreed 135p cash offer. LikeT&S Stores (which we cover elsewhere) Budgens has benefited from aresurgence in demand for the neighbourhood convenience store,which many commentators thought would fall by the wayside because ofincreasing supermarket buying power. Not so. ...

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