Home / Knowledge / News / Apparel/Garments / Sports Direct increases offer for Leisure
Sports Direct increases offer for Leisure
Apr '10
Mike Ashley's sports company is planning to increase their offer, over and above the £26 million takeover plan for retailer Blacks Leisure as a 'give up' or 'shut down' deadline looms over the latter.

Sports Direct International, led by Newcastle United owner, Ashley, is assumed to have written to Blacks Leisure through bankers about the potentiality for raising the offer over the previous quote, if they can get a surety of consistent supplies from the suppliers.

The City takeover panel gave April 1 as the deadline to Sports Direct, to set up a formal offer or walk away. However, advisors to Direct are firm that, unless the suppliers continue to sell raw materials to the firm, the takeover might just be a distant dream.

Earlier this month, Leisure, whose history stretches back to the 1860s in Greenock, had rejected a 62 pence-per-share potential offer and promised to continue with their expansion plans.

Sports Direct is Leisure's biggest shareholder and Leisure terms the former's offer as inadequate as it meant only a 3.3 per cent premium over the share price prevailing one day prior to the day, the offer was received.

After obtaining 28.5 per cent of Leisure last month, Direct pledged to stop Leisure from raising £20 million from shareholders for an expansion plan that would have seen it open up 35 new stores.

Currently, Leisure has counter-attacked by saying that it would side-track the opposition by streamlining the shareholder vote in a way that would require only a simple majority of shares to be in their favour.

The chain has suffered in the past, which lead to reshuffling and closure of 87 of its loss-making stores in the fourth quarter of 2009 after securing a rescue deal with its landlords. It now looks forward to improve trading and intends on renovating its core estate and reopen shops in areas where it closed stores.

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: BGMEA

Apparel/Garments | On 27th Feb 2017

'Brands & buyers should help Bangladeshi factory owners'

Brands and buyers should come forward to help factory owners in...

Apparel/Garments | On 27th Feb 2017

Myanmar sets up new committee to revise minimum wage

The Government of Myanmar has set up a new committee, replacing an...

Courtesy: PT Indonesia Taroko Textile

Textiles | On 27th Feb 2017

Taiwan's Lealea to buy Tarako textile plant in Indonesia

Taiwan based textile manufacturer Lealea Enterprise Company, one of...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search