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PRINT THIS PAGE HMV's interest in Ottakar's could challenge planned buy-out26/08/2005. Source: AltAssets. 
 HMV reportedly plans to make an offer for Ottakar's, the British book chain. HMV could offer up to 385p a share, valuing Ottakar's at about £84m, the Financial Times reported. The music retailer is expected to outbid Ottakar's management, which is backed by private equity investors.
Ottakar's now comprises over 130 branches. In 1987 the company's current managing director James Heneage and Philip Dunne, chairman, started raising venture capital finance to open the chain's first three branches. Five years later new backers, Foreign and Colonial Ventures, came in to refinance the company with a view to rapid expansion. The company floated on the London Stock Exchange in 1998.
HMV Group, which owns book chain Waterstone's, has confirmed 'that it is in preliminary discussions with the committee of Ottakar's independent directors which may or may not lead to an offer being made for the company.'
Ottakar's announced in a statement on 17 August 2005 that 'the board of Ottakar's plc has noted the recent movement in the market price of the company's shares. The board confirms that it has entered into discussions in relation to a possible offer being made for Ottakar's by a new company to be formed by private equity investors and certain directors of Ottakar's (including Philip Dunne, James Heneage and Michael Hitchcock).'
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