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Destination Maternity gives up chase for UK's Mothercare

Reuters - UK Focus

July 25 (Reuters) - U.S. baby product retailer Destination Maternity Corp gave up its pursuit of Britain's Mothercare Plc (LSE: MTC.L - news) after having two bid proposals rejected.

Earlier this month Mothercare confirmed it had spurned Destination Maternity's increased proposal that valued the UK firm at 266 million pounds.

"We are disappointed that the shareholders of Mothercare have not supported our proposal and that the board of Mothercare was unwilling to allow us to conduct customary due diligence and engage in discussions," Chief Executive Ed Krell said in a statement on Friday. (Reporting by Karen Rebelo in Bangalore; Editing by Savio D'Souza)