Executive team raises stakes in chase for bookseller
Management takeover vehicle Book Store Acquisitions has increased its cash offer for Ottakar's to 400p per share, valuing the bookseller at£91.1 million, despite no confirmed bid from potential rival HMV.

Book Store Acquisitions says it has received valid acceptances in respect of the original offer, as well as irrevocable undertakings and a letter of intent to accept the increased offer, and has contracted to acquire 13.5 million shares, representing 61.7 per cent of the issued share capital.

The board of Book Store Acquisitions will seek a recommendation for the increased offer from the independent directors of Ottakar's.

Book Store Acquisitions has been formed specifically for the takeover by Ottakar's founder James Heneage and other directors, with financial backing from Phoenix Equity Partners.

Phoenix managing partner Hugh Lenon said: 'We are pleased to demonstrate our confidence in Ottakar's business through this higher offer, which we believe is at a highly attractive level, offers certainty and has strong shareholder support.'

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