Turners readying bid for Feltex

Feltex predators Craig and Graeme Turner expect to make a takeover bid for the troubled carpet company next week.

"We have made significant progress on due diligence this week and have today forwarded a letter to the Feltex board and the ANZ bank advising them that we expect to present our full offer to the board on or before Friday," they said.

"We look forward to providing the details of the proposal to all interested parties as soon as possible following presentation to the board."