The founder of UK book retail chain Waterstone's has made a takeover bid for the company.
Tim Waterstone and Anthony Forbes Watson announced this morning that they had made an indicative offer to buy book chain Waterstone's of up to £280 million (€405 million) from music and media retail chain HMV.
Waterstone said the deal was equivalent to around 70 pence per HMV share and was dependent on the chain not acquiring or offering to acquire rival bookstore chain Ottakar's.