Philip Day the owner of Edinburgh Woollen Mill has given notice to Bonmarche that they will now acquire the fashion retailer.
In April the womenswear retailer valued the business at £5.7m, the 11.4p a share offer made will remain open until the end of 12 July.
On Thursday Bonmarch U-turned after rejecting the initial offer, and the retailer recommended to their shareholders that they accept the 11.4p per share that was initially offered in April.
On Wednesday the Bonmarche said, Bonmarche said, “Whilst the board’s view remains that the offer does not adequately reflect the potential longer-term value of the business, the increase in uncertainty that has developed reflecting the trading and financial position of the business during the first quarter of the financial year makes the certainty represented by the offer potentially more attractive in the short term.”
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