Offer may be as high as 150p a share
Investor Dawnay Day is expected to raise its offer for Austin Reed.

Dawnay Day may bid as much as 150p a share, which would value the fashion store group at£48 million, according to The Times.

Austin Reed's shares rose yesterday after the retailer revealed stronger than expected half-year profits and an optimistic outlook.

The interim results were brought forward by two weeks to help shareholders understand why the board rejected Dawnay Day's previous offer of a 131p a share on September 8.