Top Woolworths investor mulls legal options
LONDON (Reuters) - The biggest shareholder in Woolworths would consider legal action against the board of the British sweets-to-DVDs retailer if it is put into administration, a source close to the matter said on Wednesday.
The source said Ardeshir Naghshineh, the property entrepreneur who owns a 10.2 percent stake in Woolworths, was still keen to talk to the board about a possible alternative proposal to rescue the company.
Woolworths is in talks to sell its retail chain to restructuring specialist Hilco for a nominal sum, and to sell its 40 percent stake in a DVD publishing joint venture with its venture partner the BBC.
Newspaper reports have said that if talks fail, the company could go into administration, a form of creditor protection.
Woolworths declined to comment.
(Reporting by Mark Potter)
© Thomson Reuters 2009 All rights reserved.
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