Entertainment and books retailer in pole position for takeover
The independent directors of Ottakar's are to unanimously recommend HMV's cash offer for the book retailer.

The directors said they have held 'satisfactory discussions' with HMV Group and its advisers regarding the terms and conditions of HMV's cash offer of 440p per Ottakar's share.

They say that they consider the terms of the offer to be fair and reasonable and will unanimously recommend that Ottakar's shareholders accept the offer.

The independent directors are therefore withdrawing their recommendation of the increased cash offer of 400 pence per Ottakar's share, which was announced on September 6 by management buy-out vehicle Book Store Acquisitions.

Discussions with other parties are ongoing, but to date no other offers or proposals have been received, the directors said.

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