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Bonmarché: Day deal 'undervalues' the business

Bonmarché has said the takeover bid from Edinburgh Woollen Mill owner Philip Day “materially undervalues” the womenswear retailer.

Day’s Spectre Holdings last week acquired a 52% shareholding in Bonmarché, at 11.45p per share.

Spectre was required to make a mandatory cash offer for the rest of the shares, which valued the retailer at £5.7m.

In a message to shareholders, Bonmarché said it had been planning a number of cost reductions prior to receiving the offer last week.

The retailer’s board said it had sought to engage with Day to discuss future plans for the business.

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