In a statement to the London Stock Exchange this morning (5 March), Sports Direct said it intended to purchase the remaining shares in Findel for 161p per share, a 1p reduction on the company’s share price at close of trading on Friday. Findel’s shares jumped by 7% this morning following news of Sports Direct’s interest.
The shares Sports Direct is set to acquire would bring the company’s holding in Findel to 36.8%, meaning the company would have to make a mandatory cash offer for the stock that it does not already hold.
A Sports Direct statement, said: “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. The offer is as an effective way of expanding the commercial arrangements between Sports Direct and Findel, and giving Sports Direct increased exposure to the future growth of the Findel business.”