Analysts expressed doubts today that private equity group Apax Partners would need to raise its 58.2p-a-share indicative takeover offer to secure Woolworths after the retailer warned trading would get tougher this year. The Apax offer values Woolworths at £837m (€1.2bn).

Tony Dalwood, an investment manager at SVG Capital, who specialises on employing private equity style analysis on public equities, said: "58.2p is definitely a full private equity valuation."