Newspaper article Manchester Evening News

Retailer Rejects Sports Direct Bid

Newspaper article Manchester Evening News

Retailer Rejects Sports Direct Bid

Article excerpt

GREATER Manchesterbased home shopping retailer Findel has urged shareholders to take no action following a £139m offer by Mike Ashley's Sports Direct.

The board rejected the bid and said Sport Direct's offer of 161p for each Findel share 'significantly undervalues' the company.

In a statement responding to an offer document sent to shareholders by Sports Direct, Tameside-based Findel said: "The board will write to shareholders with its detailed views on the offer in due course.

"In the meantime, Findel shareholders are strongly urged to take no action in relation to their Findel shares."

Sports Direct said the acquisition would expand existing commercial arrangements between the companies, and will give the firm increased exposure to the future growth of the Findel business. …

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