Clothing chain Austin Reed has recommended to shareholders a takeover offer by Peter Klimt and Guy Naggar, whose Dawnay, Day group made an unsuccessful bid for the company only two months ago.
As markets closed yesterday, Darius Capital, which is controlled by Naggar and Klimt, bought a further 9.14% stake in the high-street retailer from Fidelity International, until then the second-largest shareholder in the group.
References: Financial Times 11/11/06 page 19, Daily Telegraph 11/11/06 page 31, The Times Business 11/11/06 page 52, The Guardian 11/11/06 page 41
