Philip Day, owner of the Edinburgh Woollen Mill Group, has put a deadline on his his offer to buy Bonmarché over concerns about its ability to operate as a going concern.
Under the rules of the Takeover Code, Day has to keep his offer open for 14 days until July 12. After that time, the offer will close. Day had previously issued an open-ended offer to Bonmarché shareholders, which the retailer initially urged its shareholders to ignore.
However, Bonmarché yesterday made a U-turn, telling its shareholders that they should accept Day’s £5.7m offer due to worsening trading.
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