The group rejected another takeover bid in 2003
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Supermarket chain Somerfield has rejected a £1bn takeover approach from the Icelandic retail group Baugur.
Somerfield rejected the bid, saying it was uncertain whether the proposal would deliver a formal offer at an "appropriate level" to shareholders.
Baugur recently completed the takeover of Big Food Group.
It is the second time in less than two years that the Bristol-based supermarket firm has rejected a takeover approach.
In 2003 it rejected a £594m bid from retail entrepreneurs John Lovering and Bob Mackenzie.
The chain, which operates from 700 Somerfield stores and more than 500 Kwik Save sites, recently revealed a decline in like-for-like sales as it joined other retailers in warning of challenging trading conditions.
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