LONDON (Alliance News) - Bonmarche Holdings PLC on Friday urged shareholders to take no action regarding the takeover offer for the company received by Spectre Holdings Ltd.
In April, Spectre approached the fashion retailer with a GBP5.7 million offer.
The retailer noted an announcement released by Spectre on Thursday, in which the firm, owned by Edinburgh Woollen Mill owner Philip Day, said it had received acceptances for 26.4 million shares, including its own stake, which reflects 53% of Bonmarche's entire issued share capital.
"The board of Bonmarche continues to implement the cost reduction programme, which was already under review prior to Spectre's first announcement on April 2, and continues to believe that this programme should result in the improved operational and financial performance of the business," the company said.
It added: "The Bonmarche directors continue to recommend that you should take no action in relation to the offer and that you should not sign any document which Spectre or its advisers send to you."
The offer, which is wholly unconditional, is priced at 11.445 pence per share, a 34% discount to Bonmarche's GBP8.7 million market value the day before the offer was made. Shares in Bonmarche closed 1.0% higher at 15.65 pence on Friday.