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Wednesday, July 2, 2014

UK's Mothercare rejects Destination Maternity bid proposals, (NASDAQ: DEST)

British mother and baby retailer Mothercare has rejected two bid proposals from Destination Maternity, the U.S. company said on Wednesday. Destination Maternity said its latest proposal was worth 300 pence for each Mothercare share, valuing the British company at 266 million pounds ($453 million).Destination Maternity continues to evaluate its options with regard to a possible combination, it added.Mothercare shares closed Tuesday at 232.5 pence.($1 = 0.5877 British Pounds)

Destination Maternity Corporation is the designer and retailer of maternity apparel in the United States and is the only nationwide chain of maternity apparel specialty stores. Shares of DEST traded higher by 1.32% or $0.3/share to $23.07. In the past year, the shares have traded as low as $22.00 and as high as $32.98. On average, 87964 shares of DEST exchange hands on a given day and today's volume is recorded at 121604.