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Allen & Overy (A&O) has won back Baugur after scooping an instruction to advise the Icelandic retail investor on a key deal.
The magic circle firm is advising Baugur on a possible offer for the Big Food Group (BFG), which owns the Iceland chain and the Booker cash-and-carry business.
A&O had an exclusive relationship with Baugur until November 2003 when the firm was sidelined by niche Stoke-on-Trent firm Heatons. It is understood that the firm is working alongside A&O on some aspects of the current deal.
The Birmingham office of the corporate and commercial firm scooped its first instruction from Baugur in November 2003 when it was brought in to advise the client on the £152m acquisition of high street fashion group Oasis Stores.
Since then Heatons has advised Baugur on a string of deals including the £110m acquisition of UK jewellery retailer Goldsmiths.
Meanwhile, A&O continued to adviser Baugur on financing and share procurement issues.
On 30 November BFG, which is being advised by Linklaters, announced that the company’s board was willing to recommend a revised lower cash offer of £326m.
Any offer is expected to be announced by 17 December.