Book chain Ottakar's directors back HMV in takeover battle

HMV secured crucial allies in its takeover campaign for UK book chain Ottakar’s today when independent directors of the company ditched their support for a management buyout.

The retailer has convinced directors that its £96.4m (€143m) bid will clear any competition hurdles even though combining Ottakar’s with its Waterstone’s stores will create a huge company.