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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 Nasdaq-listed Destination Maternity, the U.S. company said on Wednesday.Destination Maternity said its second proposal, made on June 1, was worth 300 pence for each Mothercare share, valuing the British company at 266 million pounds ($453 million).The 300 pence proposal comprised 230 pence in cash and shares in a new holding company, which would be listed in the U.S., valued at 70 pence.That proposal represents a premium of 29 percent on Mothercare's closing share price on Tuesday of 232.5 pence.

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.