Struggling retailer reverses £5.7m takeover stance after poor Q1 trading
Wakefield-headquartered Bon Marché has this morning reversed its stance on a full £5.7m takeover bid for the struggling retailer after poor trading during Q1.
Billionaire Phillip Day - through his Dubai-based investment vehicle Spectre- made a mandatory cash offer of £3m in April, purchasing 52% of the listed retailer. Under takeover rules, this meant that an offer for the full shares had to be made by Spectre and this was confirmed as being £2.73m - taking the total takeover acquisition cost to £5.73m.
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