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Debenhams says Sports Direct offer won't address funding needs

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Christian Fernsby ▼ | March 26, 2019
Debenhams
Britain   Sports Direct said it was considering buying the whole of Debenhams

A move by Mike Ashley’s Sports Direct to pursue a possible offer for Debenhams got a cool reception from Debenhams which warned it would not address its immediate funding needs.

Sports Direct, which last year bought department store chain House of Fraser out of administration, has a near 30 percent stake in Debenhams and has been trying to wrestle control of it for months.

In an announcement after the stock market had closed on Monday, Sports Direct said it was considering buying the whole of Debenhams to prevent a restructuring that could wipe out all shareholders.

Debenhams said its board would give any firm proposal from Sports Direct “due consideration”.

But it warned: “Given the timetable associated with any public offer, an offer for the company would not, in itself, address Debenhams’ immediate funding requirement.”


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