If the Jones Group shareholders do not agree to the planned £18.3 million cash payout, the company may declare a special dividend instead, according to the circular giving details of the tender offer. However, the directors are recommending shareholders to vote in favour of the offer at an extraordinary general meeting as they consider it to be in the best interests of the company. Shareholders are being offered 235p per share for 60 per cent of their holding and the directors intend to tender at least 60 per cent of their own holdings. The circular also shows that Mr Patrick Nevin, chief executive, Mr James McLoughlin, finance director, and other senior executives, exercised options over 250,000 ordinary shares at prices between 141p and 145p per share.

Shareholders can tender for more than 60 per cent provided other shareholders either do not accept the offer, or accept the tender for less than their 60 per cent entitlement. The deal will have to be approved by the shareholders representing 75 per cent of the votes.