Bonmarché’s board has countered a takeover offer from Philip Day, saying the tycoon’s offer “materially undervalues” the retailer.
Day – owner of Edinburgh Woollen Mill, Peacocks and Jane Norman – is offering shareholders about 11.5p a share.
Under takeover rules, he was required to make an offer for the company after increasing his stake to 52.4% by purchasing shares from the retailer’s former owners.
