Unbound Group recommends Marwyn offer over WoolOver

Clothing retailer Unbound Group has pulled its support of WoolOver Group's takeover offer after receiving what it sees as a superior offer from Marwyn Investment.

Unbound said on Wednesday that it has received a proposal from Marwyn Investment, with the firm offering to provide a £10.0m investment via an equity placing at an issue price of 10.5p per share.

"Having carefully considered the merits and conditionality of each proposal, the directors consider the Marwyn proposal to be superior to the possible offer," said Unbound.

"As such, the directors would no longer be minded to recommend such offer and, accordingly, they intend to engage immediately with Marwyn and its advisers with a view to expediting the Marwyn proposal."

As of 1615 BST, Unbound shares were down 1.18% at 8.40p.

Reporting by Iain Gilbert at Sharecast.com