Private equity firm increases its offer for entertainment retailer
Private equity firm Permira has upped its indicative offer for music and entertainment store chain HMV Group to 210p per share. The price values HMV at about£842 million.

In a statement issued in response to increasing speculation, HMV said it is considering the revised proposal and a further announcement will be made in due course.

'There can be no certainty that an offer will be made nor as to the terms on which any offer might be made. The announcement has not been made with the approval of Permira,' HMV added.

The offer compares with Permira's first conditional takeover bid of 190p a share in February, which valued HMV at about£762 million, but which the retailer rejected as too low.

Since then, there have been a series of rumours that Permira had increased its cash offer, with most estimates at slightly more than£800 million.

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