Scarlett Retail, the bid vehicle used by Minerva, Lehman Brothers and former Bhs boss Terry Green to make a 160p-per share cash bid for Allders, has received acceptances from holders of 37.2% of Allders' shares.

The offer remains open until 5 February, but Rosenfeld said: "Allders' shareholders should note that if sufficient acceptances are not received by Wednesday 5 February there is no certainty that the offer will be further extended." He added: "If it is not further extended in such circumstances, the offer will lapse."

The management of Allders has agreed to the Minerva bid, but some shareholders are holding out in the hope that rival bid will be made by retail entrepreneur Tom Hunter. Speculation was stirred after Hunter dropped £197 million ($324.8 million) takeover plans for the UK's third-largest department store group House of Fraser today. Hunter already holds a 10% stake in Allders and is keen to buy at least some of Allders' assets.

Allders has been the subject of takeover speculation for six months following a shock profits warning after poor summer sales. The appeal of the company lies in its 44 department stores, many of which are in prime high street locations.

Minerva already has a 25% stake in Allders and is development partner for a massive regeneration project in Croydon. Analysts believe a takeover by Minerva would allow the property company to put another department store operator into what will be a flagship store.