Woolworth of Britain rejected a takeover bid.

Woolworth Holdings PLC, formerly part of the New York-based retailer F. W. Woolworth & Co., said it rejected a $2.35-billion takeover offer from another British retailer, Dixons Group PLC. The offer was a combination of common and preferred stock. In announcing its bid, Dixons said it “totally rejects” previous comments by Woolworth’s management that it would need seven years to improve lagging performance.