One of the top five shareholders of UK music group HMV today slammed last night's £762m (€1.1bn) takeover approach from buy-out group Permira as totally undervaluing the company.

The shareholder, which asked not to be named, said: "We agree with the HMV board. Permira's bid completely undervalues the company."

Permira's HMV approach slammed as 'too low'

Nicholas Lockley

Citigroup

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