UK's Mothercare rejects Destination Maternity bid proposals

LONDON, July 2 Wed Jul 2, 2014 2:22am EDT

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LONDON, July 2 (Reuters) - British mother and baby retailer Mothercare has rejected two bid proposals from Destination Maternity, the U.S. company said on Wednesday.

Destination Maternity said its latest proposal was worth 300 pence for each Mothercare share, valuing the British company at 266 million pounds ($453 million).

Destination Maternity continues to evaluate its options with regard to a possible combination, it added.

Mothercare shares closed Tuesday at 232.5 pence.

($1 = 0.5877 British Pounds) (Reporting by James Davey, editing by Louise Heavens)

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