Bonmarche: Philip Day’s takeover offer “undervalues” retailer

ELIAS JAHSHAN | April 12, 2019

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Bonmarche has rebuffed a £5.7 million takeover offer tabled by Philip Day, saying it “materially undervalues” the retailer.Earlier this month Day, who owns the Edinburgh Woollen Mill Group, acquired more than half of Bonmarche’s shares through holding company Spectre, which triggered a mandatory takeover bid.City rules stipulates that a shareholder must make a takeover offer once their stake in a company surpasses the 30 per cent threshold.Earlier this month, Day bought more than 26 million shares, representing 52.4 per cent of the struggling firm. Bonmarche told shareholders on Friday to “take no action”, deriding Day’s offer as too low.At 11.445p per share, the offer values Bonmarche at just £5.7 million.Edinburgh Woollen Mill’s Philip Day snaps up Bonmarche for £5.7m “In view of Spectre’s position as the majority shareholder in Bonmarche, the board has sought to engage with Philip Day to discuss the future plans for the business for the benefits of all stakeholders,” the retailer stated.

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At my current company Monizze, we issue social vouchers, like meal, eco and gift vouchers. These vouchers are consumed using a specific Monizze payment card via a physical terminal. As a result, I come into contact with card payments on a daily basis. Unfortunately, I am still far from being a card expert, but along the years I can say I have built up a good basic understanding of how a card payment happens. As I had to collect information from different sources to get this first good understanding, I thought it might be interesting to share my summary for "dummies" of how card payments work. First let us have a look at the card itself. A card is just a plastic carrier on which a design is printed. Afterwards a chip (an embedded microprocessor) is attached to the card, on which 1 or more applications can be deployed. 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With more than 50 years of service to pet parents, Petco is a leading pet specialty retailer that obsesses about delivering health and happy experiences for pets and the people who love them. We do this by providing the products, services, advice and experiences that keep pets physically fit, mentally alert, socially engaged and emotionally happy. Everything we do is guided by our vision for Healthier Pets. Happier People. Better World.

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