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High Street

Sports Direct increases stake in Game to 84%

Mike Ashley’s Sports Direct has moved a step closer to purchasing video game retailer Game, after it increased its stake in the company to 84%.

The retail group has also put forward an application for Game’s shares to be suspended from trading on the London Stock Exchange (LSE), and for shares to be delisted by 12 August.

Sports Direct had a £52m offer for the retailer accepted last month, the sports retailer is offering shareholders 30p per share as part of the cash offer.

The statement on the LSE said: “Game shareholders are urged to accept the offer, as the cancellation of trading and listing would significantly reduce the liquidity and marketability of any Game shares not acquired by Sports Direct.”

Once Sports Direct owns 90% of the shares in Game, Companies Act will allow it to automatically purchase the remaining stock.

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