Directors weigh up Kirkham's DFS bid

NON-executive directors at DFS are considering a formal response to a £445m buyout offer from the furniture retailer's chairman, Lord Kirkham.

After a DFS board meeting on Thursday, three independent directors - Mike Blackburn, Kevin Morley and Malcolm Walker - asked Kirkham to spell out his reasons behind the 415p a share offer.

Kirkham and his family own about 10% of DFS, whose TV ads are fronted by designer Linda Barker.

Institutional investors have signalled that they would turn down any offer of less than 450p a share. That would value DFS at about £480m.