Northgate makes Halfords merger offer

Van rental company Redde Northgate has reportedly presented a £1.4 billion merger to Halfords. According to multiple reports, the two companies have held “detailed talks”. Redde Northgate owns 130,000 vans and corporate cars in the UK and Spain.

The Telegraph reported “Redde Northgate had proposed a nil-premium merger, but the discussions were abandoned because of disagreements over price.” In short, the Halfords board didn’t think that was enough.

However, it is believed that Redde Northgate could mount a fresh bid if the valuation gap between the two sides closes. It is understood that the Takeover Panel was informed of the discussions, which took place in the last few months.

Meanwhile, Halfords is said to be in the running – or should that be riding – to by ailing online bicycle retailer Wiggle. Sky News reports that Halfords has registered its interest in a bid for Wiggle CRC, which went into administration last month. Halfords is competing with Frasers Group, the owner of Sports Direct and Evans Cycles for the company.

And we all know how many autocentres-related acquisitions Halfords has been involved in in recent years.

Halfords declined to comment on the merger reports.