The board of Austin Reed has rejected a hostile takeover approach from Dawnay Day, the investment boutique, valuing the upmarket fashion chain at £41m.
Guy Naggar and Peter Klimt the property investors behind Dawnay Day made the indicative cash bid yesterday after building up a 29.9% stake in the company.
Austin Reed rebuffed the approach as “undervaluing” the company.
References: Financial Times 09/09/06 page 16, Daily Telegraph 09/09/06 page 25, The Times 09/09/06 page 65, The Guardian 09/09/06 page 32, The Independent 09/09/06 page 53
