Board unhappy with share price
Book chain Ottakar's has rejected a fresh bid from entertainment retailer HMV.

In a statement, the Ottakar's board said the offer was at a price per share 'materially below the current market price'.

Analysts have suggested this means an offer price anywhere between 250p and 280p.

Retail analyst Nick Bubb said: 'Ottakar's are not in a great negotiating position and with no other bidders in sight, we don't blame HMV for playing hardball. There must still be a 60 per cent chance that a deal can be agreed at 300p.'

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