Troubled department store group Allders on Thursday said it asking shareholders to approve a £132 million takeover bid from property group Minerva and former Bhs and Debenhams chief Terry Green.

Minerva holds a 26 per cent stake in the country's fourth largest department store chain and last month offered a 160p a share for the operator of 44 stores.

It has teamed up with investment bank Lehman Brothers for the bid and recruited Mr Green and former Asda finance director Phil Cox who are reported to have each invested £125,000 for a 10 per cent stake.

Allders said it was well on its way achieving its aim of becoming a more fashionable retailer and improving its profit margins but in recommending Minerva's offer it had taken into account a weak stock market.

City experts said today they do not expect any other bids for Allders to succeed although Scottish businessman Tom Hunter, who is stalking department store chain House Of Fraser, on Wednesday fulled speculation by buying a one per cent stake in Allders.