I don't see the point of TLS making a takeover offer - as this...

I don't see the point of TLS making a takeover offer - as this article points out, all they need to do is wait till 2020 and choose which stores they want to run themselves. It's an inherent weakness of VTG's business model that if they get too profitable, TLS retains the option to in house the operation.

That's why it trades on a superficially cheap valuation - but it's actually a value trap. Maxine has sold very well.