Sports Direct is readying a takeover bid for Findel having raised its stake in the business to 36.8 per cent. Sports Direct has carried out successful tests of its clothing brands on Findel’s studio.co.uk site.
Sports Direct has commented in a statement: “Sports Direct continues to recognise the value and quality of the Findel business, and sees the offer as an opportunity to give increased support to Findel to maximise the value of its existing business.” It also stated that it had no intention of making any changes to the Findel business or to the employment of any of Findel’s staff or management.
The news had a positive impact on Findel’s share price whIch rose by 8 per cent.
The Findel plc board said, in a statement, that the mandatory offer made of 161 pence per Findel ordinary share by Sports Direct significantly undervalued the group and its future prospects and that is was unanimous in its rejection of the offer, recommending that shareholders tale no action.
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