- Struggling womens' fashion retailer Bonmarche urged its shareholders to reject a 11.445p a share takeover bid from billionaire Philip Day as it 'materially undervalues' the company.

The takeover bid, which valued the retailer around £5.7m, 'materially undervalues' Bonmarché and its future prospects, the company said.

The company said it had sought to engage with Philip Day to discuss the future plans for the business for the benefits of all stakeholders. But in the meantime, the beleaguered retailer said it had strongly advised shareholders to take no action in relation to their Bonmarché shares.

The company also provided an update on efforts to stem ongoing losses. It said it would undertake a number of cost reduction actions across the group, which would get underway soon.

At 8:51am: [LON:BON] Bonmarche Holdings share price was 0p at 15p

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