HMV outbids management for Ottakar’s book chain Reports HMV, the owner of Waterstone’s, has launched a bid for rival book chain Ottakar’s, substantially outbidding the offer from Ottakar’s management.

The 440p-a-share cash offer beats the 400p-a-share offer from Book Store Acquisitions, the bidding vehicle of founder James Heneage and other Ottakar’s directors. The management team, which increased its offer from 350p just two days ago, had won the board’s recommendation.