British entrepreneur Tim Waterstone aims to buy back the bookstore which bears his name for up to £280m from retailer HMV.
Waterstone, who founded the Waterstone's chain in 1982, said he first made his bid proposal, equivalent to 70p a share, in February and that it was conditional on HMV's not proceeding with its plans to buy rival bookstore Ottakar's.
He said bank finance had been obtained 'in principle', and that he was working with unidentified private equity interests and Anthony Forbes Watson, former chief executive of publisher Penguin Group UK.
In March, Britain's competition watchdog gave a provisional green light for HMV to make a fresh bid for Ottakar's after the chain's September 440p per share bid lapsed when the takeover was referred to the Competition Commission.
