Spanish clothing retailer Cortefiel SA has turned down MEP Retail Espana SL Unipersonal's €18.40 per share bid for the company, as board members holding 55.74 per cent of the company have already given the go-ahead to the rival bid of €17.9 per share from Coral Retail Industries.

Board members whose shares are not included in the Coral Retail offer have voted against MEP's current bid, which Cortefiel says is not satisfactory financially, but say they will wait for Friday for any improved offers.