Businessman Tim Waterstone has withdrawn his offer to buy Waterstone's, the bookstore chain, from HMV Group.
Last month, Waterstone said that he was hoping to buy back the chain, which he established in 1982, for up to £280m or 70 pence a share.
His proposal was conditional on HMV not going ahead with plans to buy rival bookstore chain, Ottakar's. He said today that he has withdrawn his offer because the conditions for talks set by HMV were 'too onerous'.
Earlier today HMV announced that Lazard Private Equity Partners had withdrawn its support for Tim Waterstone's offer.
