Peacocks in takeover bid

The discount fashion chain Peacocks confirmed yesterday that it was the subject of a takeover approach valuing the company at around £400m. The high street retailer, which revealed last month that it had received an indicative approach from an unnamed party, announced that the approach would value the business at 340.5p a share.

In a statement, the chain said discussions were at a "preliminary stage", adding: "The board would wish to stress that ... the proposals being considered are subject to a number of material preconditions and there is no certainty that any offer will be made for the company."