It's unclear what the Warehouse Group's next steps will be.
Founder Sir Stephen Tindall, who remains a majority shareholder, has shown potential interest in acquiring its shares with Andamantem Capital Partners.
The company has confirmed it's received an approach, and is advising investors not to sell shares, pending further advice from directors.
Shareholders' Association CEO Oliver Mander says they're not sure what to make of the approach.
"We don't know what it is, it's not a classic non-binding offer - which is someone kicking the tires. It certainly isn't a scheme arrangement."
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