Sales have been disappointing

On 1 October, JJB said it had received a potential takeover approach, with private equity firm Cinven being named in reports as the possible buyer.

But JJB said that following talks it had decided that the approach was unlikely to lead to a big-enough offer.

The news came as JJB unveiled interim pre-tax profits of �21.5m ($38.5m), down from �24.2m last year.

The ending of bid talks hit JJB shares, and by the close they were down 45.5 pence, or 18.7%, at 198.5p.

Sales continue sliding

Turnover in the 26 weeks to 25 July fell 1.5%, with like-for-like sales - which strip out the effects of new store openings - down 1.8%.

The approach is unlikely to lead to an offer that would reflect the fair value of the company JJB statement See JJB's latest share price

JJB blamed the "unseasonably wet weather" for poor sales of summer clothing, and added that sales of these products had also been hit by strong competition from rivals.

The firm said that recent trading had also been disappointing, with like-for-like turnover down 0.6% in the 11 weeks to 10 October.

Falling short

JJB's shares had dropped sharply in August when it warned that its profits would be hit by the poor summer weather.

However, the shares rebounded strongly earlier this month when news of the bid approach was released.

Analysts had expected an offer of about �600m for the retailer, or about 260p per share.

But in a statement, JJB said it had concluded that "the approach is unlikely to lead to an offer that would reflect the fair value of the company".

"Accordingly, discussions with the potential offeror have terminated."

Last year, JJB's founder and chairman David Whelan attempted to take the firm private offering 220p a share, but his offer failed to win the support of independent directors.