Waterstone's has been touted as being worth between £50 million and £75 million. But on Friday the value of HMV - which includes music stores as well as the bookshops - slipped to £42 million, a 15 per cent drop over the week.
A team comprising Russian investor Alexander Mamut and the bookshop's founder, Tim Waterstone, is understood to be the only contender to buy Waterstone's.
Both sides are keen to agree a deal by the end of the month, but the dive in the HMV share price to just 10p places it and its advisers in a difficult negotiating position.
HMV urgently needs cash to reduce its £130 million debt. It is also hoping to avoid an expensive refinancing with its bank.
Daily Mail.
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