Directors quiz entertainment group on competitions clearance
The independent directors of bookseller Ottakar's have asked HMV to clarify the terms and conditions of the offer it made for the bookseller yesterday. In particular, the directors want more information on conditions regarding UK competition clearance.
Entertainment and book group HMV made a 440p a share cash offer for the rival business yesterday afternoon, trumping a 400p offer tabled by management buy-out vehicle Book Store Acquisitions on Tuesday.
Ottakar's independent directors said a further announcement will be made as soon as practicable and advised shareholders to take no action in the meantime.
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