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Put-up-or-shut-up order to Woolworths' bidder

Apax Partners has been ordered by the Takeover Panel to make a formal offer for UK retailer Woolworths by March 21 or walk away for six months.

The private equity house had an indicative £789 million bid rejected by the chain two weeks ago and is thought to be considering whether to increase its offer beyond the initial 50p to 55p a share.

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