QXL targeted in new bid approach

A deal for managers to acquire online auction firm QXL Ricardo has been called into question by a rival - and higher - takeover approach.

QXL last month said Tiger Acquisition, a firm that includes QXL management, had agreed to pay some 700p per share.

Now, a Dutch shell company representing a group of outside investors has tabled a proposal that could result in an 800p-per-share bid.

Several other proposals have also been entertained, the firm said.

QXL has already recommended shareholders accept the Tiger Acquisition offer, but now says undecided shareholders should wait for clarification of the Dutch approach.

QXL has long been seen as a target for an acquisition: its share of the auction market has come under threat from the increasing dominance of internet giant eBay.