Music retailer HMV Group has rejected a £762m ($1.3bn) takeover approach from private equity group Permira.
HMV said the 190 pence a share offer, which it received last month, undervalued the company.
HMV's shares jumped almost 20% on 30 January when it revealed that it had received the tentative bid approach.
Tough conditions on the High Street have hurt HMV, which has seen its profits shrink and its Christmas sales disappoint investors.
No discussions
HMV said on Tuesday that it would not be holding any discussions with Permira about its bid approach.
"The Board of HMV Group have reviewed the proposal very carefully," the firm said in a statement.
"The Board has concluded that the proposal undervalues HMV Group."
Analysts have blamed online competition and aggressive supermarket pricing policies for HMV's troubles.
It suffered a 2.7% fall in like-for-like sales during the key Christmas period, while it made profits of just £0.2m in the 26 weeks to 29 October - down from £10.5m last year.
Permira owns the Travelodge hotel business and roadside restaurant chain Little Chef, among other assets.
^ Back to top | BBC Sport Home | BBC Homepage | Contact us | Help | ©