ThisDay Pty Ltd, the unsuccessful buyer of CNA on Thursday expressed grave reservations over the bidding process which gave the bankrupt CNA bookstore chain to Edcon.
”We have grave reservation about the process and we are taking legal advice,” ThisDay Pty Ltd representative John Matisonn said.
Edcon, the clothing group which owns Edgars, Jet, Sales House and Cuthberts chains, won the bid on Wednesday.
Liquidators for CNA said Edcon’s bid was accepted as it came up with the best price and had strong retail experience.
Edcon would take over all the CNA’s flagship stores, and around 60% of the smaller stores which fall under Consolidated News Agency.
The final selling price is still subject to negotiations, but it is expected to be around R140m.
The liquidators said the Nigerian media group, ThisDay, which entered the race late, was a close second. – Sapa