Mama, which operates live music venues and festivals including Lovebox in the UK, rejected the second bid from SMS Finance the investment Vehicle of Italian entrepreneur Silvio Scaglia, which it says continues to undervalue the company.
SMS Finance currently holds a 29.8% share in Mama group.
The retailer confirmed today that it is “considering its position with respect to Mama”.
The deal could see HMV taking a further step in its move to stretch the brand over complementary entertainment areas.
In January, HMV signed a deal with Mama which saw three iconic venues, the Hammersmith Apollo, Kentish Town Forum and the Edinburgh Picture House rebranded under the HMV its name.
The entertainment retailer has also begun a joint venture with independent cinema operator Curzon, and opened the HMV Curzon cinema above its Wimbledon store in October.