LONDON-Supermarket chain Somerfield has received at least two other bids for the company with the most likely contenders property entrepreneurs.

Shares in Somerfield jumped 8p to 202½p today after the retailer disclosed it had received "further proposals regarding possible cash offers for the company". The statement added: "The board will investigate these proposals and make a further announcement in due course," it added.

Somerfield had been forced to make a statement after a story broke about property developer Robert Tchenguiz preparing an offer. Tchenguiz also declined to comment but analysts pointed out that Tchenguiz has worked with Somerfield before. He supported the chain's euro 374-million ($487-million) acquisition last year of 114 smaller Safeway stores from Morrisons. That deal, in a surprise move yesterday, was referred to the Competition Commission, which will be looking at the impact on local competition of about 22 of the mid-range stores involved in the deal. Tchenguiz has made a number of moves in the retail sector and launched an unsuccessful attempt to buy the Selfridges stores group a couple of years ago.

There is also speculation that Iceland-based retail investment group Baugur may raise its offer. Baugur earlier this month made a provisional 205p a share offer that valued the Somerfield chain at euro 1.6 billion ($2.1 billion) but was refused access to Somerfield's books because the Icelandic company now owns the rival food retail chain Iceland frozen foods.

Baugur has stated before that it would like to merge its 754-store Iceland portfolio with Somerfield's 1,337 outlets. The company has also bought aggressively in the UK recently with the acquisition of toy retailer Hamleys and jeweler's Goldsmiths. These purchases boosted annual turnover to euro 9.8 billion ($12.7 billion).

The publicity-shy Livingstone brothers Ian and Richard are also believed to have approached the Somerfield board with bid proposals. Their privately owned London & Regional Properties group is one of the most active developers in the market, owning a large property portfolio including the London Hilton hotel in Park Lane.

Somerfield said that it would discuss the new bid approaches at a board meeting to be held after the Easter break and is thought likely to open its books to the higher bidders.

Analysts believe that retail chains like Somerfield will continue to attract the attention of property developers because in some cases the asset value of their portfolios are greater than the market capitalization of the company as a whole. In the case of Somerfield, the chain has 700 Somerfield stores and more than 500 Kwik Save sites.