GUS Plc, the UK retailing giant, has rejected offers for its Experian credit-information unit and the Argos stores division and will proceed with a plan to separate the two businesses, according to wire service reports.
“The board of GUS has considered the merits of these approaches and has reviewed the situation at its regular board meeting today,” the company said in the statement. “It has concluded that shareholder interests are better served by proceeding with the previously announced demerger.”
Last spring, said it would split the two businesses. The two resulting companies will be independently listed on the London Stock Exchange (Direct Newsline, March 28).
When that split occurs, Experian will issue new stock to both existing shareholders and new investors.
Each company will continue to be led by its existing management team. David Peace will remain as chairman of Experian, along with CEO Don Robert and finance director Paul Brooks. At Argos, Oliver Stocken will stay on as chairman, as will CEO Terry Duddy and finance director Richard Ashton.
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