Mike Ashley’s Sports Direct is weighing an offer for Debenhams that would value the department store business at £61.4m.
Sports Direct said it is considering making an offer of 5p per share, representing a 127% premium to yesterday’s closing price (26 March).
The possible offer would be conditional on Ashley becoming chief executive, and an agreement from Debenhams not to enter into any third-party funding arrangements, granting any new security over any of its assets or entering into any administration, company voluntary arrangement or other insolvency process.
Sports Direct said each of these preconditions “must be satisfied or waived before any firm offer can be made”.
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