Bonmarche has recommended rejecting a £5.7 million takeover offer for the womenswear retailer tabled by Philip Day, claiming it "materially undervalues" the company.

Billionaire Mr Day, who is behind The Edinburgh Woollen Mill Group, earlier in April acquired more than half of the company's shares through holding company Spectre, triggering a mandatory takeover bid.

The retailer told shareholders on Friday to take no action, describing the offer as too low and adding that it is to embark on a cost-cutting exercise.

Bonmarche said that, in light of the fourth quarter, it is planning a number of "cost reduction actions across the group and anticipates starting the implementation of these shortly".

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The firm stated "Bonmarche shareholders are strongly advised to take no action in relation to their Bonmarche shares".

The competition watchdog has found that Rentokil's takeover of Mitie's pest control unit could restrict choice and lead to higher prices for customers.

Following a Phase 1 probe, the Competition and Markets Authority (CMA) said the deal could see a substantial reduction in competition.

It could lead to "higher prices or reduced quality" for customers that primarily use a single provider across the whole or a large part of the UK.

This is because, the CMA argues, Rentokil and Mitie are two of the four major suppliers at this level, with a large combined market share.

Rentokil acquired the business last year for £40 million.

Transport company National Express has picked up a 60% stake in Silicon Valley bus shuttle firm WeDriveU for $84.3 million (£64.5m).

WeDriveU transports almost seven million passengers a year and provides employee shuttle services to many of the largest Fortune 500 companies based in Silicon Valley and San Francisco.

National Express has the option to acquire remaining shares in tranches over the next three years.