Debenhams will consider firm takeover bid from Sports Direct
It confirmed Sports Direct now has until 5pm on April 22 to announce a firm intention to make a bid or walk away, under City takeover rules. The group added any proposal from Sports Direct must provide an indication of the offer price, a clear plan of how Debenhams’ existing debt will be repaid and how it would address the immediate funding needs. Sports Direct had earlier hit out at Debenhams for rejecting an offer to buy the chain’s Danish business, Magasin du Nord, for £100 million – one of several offers it has made to put the department store chain on a more secure footing. It added its proposals are better than the “multiple insolvency processes” Debenhams is considering as it looks to restructure. As part of the plan, Mr Ashley, who owns just under 30% of Debenhams, would have installed himself as chief executive of the ailing high street firm.