DFS could lose all its non-execs
The three non-executive directors at furniture group DFS have threatened to resign if a takeover bid by its founder fails.
Link: Spotlight: DFS – sofa so good
Lord Kirkham has tabled a £496m, 445p-a-share offer, but institutional investors are said to be unhappy with this offer, the Evening Standard reported.
The independent non-execs, lead by Halifax chief executive Mike Blackburn, want investors to accept the deal, and have said they will have to reconsider their positions if the bid is rejected.
Investors will vote on the proposal at an extraordinary meeting scheduled for 7 September.
The other non-execs are former Iceland chief executive and founder Malcolm Walker and Kevin Morley, former Rover Car Group managing director.