Unbound Group PLC on Wednesday said it had received a £10 million offer of investment from Marwyn Investment Management LLP via a placing at 10.5 pence per share.

The fundraise is intended to be a cornerstone to a wider equity placing which would be open to all shareholders.

The proposal is conditional on the Takeover Panel waiving an obligation for Marwyn to make a general offer for Unbound which would otherwise be triggered by the placing, and the approval of Unbound shareholders.

Unbound, a footwear retailer, previously announced it had received a bid approach from WoolOvers Group Ltd, which it was minded to recommend, adding talks remain ongoing.

However, Unbound said it considers the approach from Marwyn to be superior and as a result intends to engage with Marwyn with a view of progressing the proposal.

Marwyn Investment Management LLP is an investment company part of Marwyn Value Investors Ltd.

Shares in Unbound fell 1.5% to 8.37 pence each in London on Wednesday, while shares in Marwyn Value Investors Ltd were unchanged at 92.50p.

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