Swedish investment firm Mellby Gård has submitted a takeover bid for the remaining stake in fashion retailer KappAhl that it doesn't already own.

The investment firm has been a shareholder in the company for eight years, and currently owns 29.6% of KappAhl, which is one of the Nordic region's leading clothing chains with around 370 KappAhl and Newbie stores in Sweden, Norway, Finland, Poland and the UK.

The company has offered to by all shares at a price of SEK20 per share, valuing the company at $161.6m. 

KappAhl's response has been to appoint financial and legal advisors to its independent bid committee to help evaluate the offer. The bid committee will announce its decision no later than two weeks before the closing date for the acceptance period for the bid, which runs from around 23 August to 20 September.