01 October 1998

GREAT UNIVERSAL STORES chairman Lord Wolfson stepped-up his vendetta against the former directors of Argos, attacking them for trading statements issued during their unsuccessful defence against GUS' hostile takeover last April. The matter seems to have become an obsession with the pettish peer, who believes that Argos directors improperly misled the market about their company's future prospects, thus forcing-up the price paid by GUS. Wolfson is demanding public censure of the quondam Argos board led by chief executive Stuart Rose. Their 'failure to obey the takeover code could have cost us the bid', fumed Wolfie, who revealed that he had again written to the Takeover Panel asking it to review for the third time statements made by Argos directors.

Relentless pressure by Wolfson has finally persuaded the Takeover Panel to again re-examine its ruling arising from GUS' takeover of Argos last year.