The board of ailing retailer Godfreys wants to get an independent valuation of the company and has urged shareholders to take no action on the takeover bid lobbed by 99-year-old major shareholder John Johnston.

A successful bid by Mr Johnston's Arcade Finance vehicle would mark an extraordinary second "Alan Bond" moment, although victory this time around is likely to be bittersweet given the destruction of value at Godfreys since 2014. Godfreys shares climbed 42 per cent on Tuesday to be sitting 9¢ higher at 30¢, just below the all-cash bid price of 32¢. The issue price in a 2014 ASX float was $2.75.