DIY chain Wickes is to be bought by Focus Do It All in a £289.3 million deal, just three months after fighting off a hostile takeover bid from the rival.

Wickes' chief executive Bill Grimsey called the new offer "good value" and said the board had "no hesitation in giving its recommendation".

The deal follows a two-month long takeover battle which saw Wickes successfully fend off a £327 million bid from Focus.

Mr Grimsey had driven the defence by drumming up backing in the City, resulting in a series of institutional shareholders lining up behind him to reject the offer.

The 495p-a-share price is a rise on the previous 430p-a-share offer tabled.

Mr Grimsey said: "We have now managed to get a price that is relevant to shareholders."

He added: "It is nothing to do with anything other than value, and shareholders are about to benefit from a cash offer."

Mr Grimsey, whose future role in the company has still to be decided, said: "This is a tribute to everyone who works at Wickes."