By Becky Waller-Davies2019-06-27T16:07:00
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.
Please sign in now if you have a subscription
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.