Leading UK department store chain Debenhams on Monday revealed it had received a £1.5 billion bid approach - just hours after upscale rival Selfridges agreed to a £598 million takeover offer. Debenhams said the potential cash offer of 425 pence per share, a 28 per cent premium to Friday's closing price, was made by private equity group Permira which is now working with the executive directors to prepare a firm bid.