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LON250:SPD, Mar 26, 11:26 UTC

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Debenhams will consider firm takeover bid from Sports Direct

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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.

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Debenhams warns any Sports Direct offer won't address funding needs

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Sports Direct, which owns a near 30 percent stake in Debenhams, said late on Monday it was considering buying the whole of the company to prevent a restructuring that could wipe out all shareholders. "Given the timetable associated with any public offer, an offer for the company would not, in itself, address Debenhams’ immediate funding requirement," Debenhams said. As a result Debenhams will continue with its plan to seek 200 million pounds ($264 million) of additional funds from lenders that it detailed on Friday. Under UK takeover rules Sports Direct has until April 22 to announce a firm intention to make an offer. Sports Direct, which is controlled by founder and chief executive Mike Ashley, has been trying to wrestle control of Debenhams for months.

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Sports Direct considers cash bid for Debenhams

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Mike Ashley's Sports Direct is considering a cash offer to buy the struggling department store chain Debenhams. The sports retailer, which is Debenhams’ largest shareholder, currently has a near 30pc stake in the company which is at risk of being wiped out if the chain secures a £200m rescue deal from its lenders in a debt-for-equity swap. In a brief statement after the market closed, Sports Direct said it believes Debenhams restructuring and refinancing process “is likely to result in an adverse outcome for Debenhams existing shareholders” and that the possible bid would “likely” be in cash. It said: “The offer for Magasin is one of several offers that Sports Direct has made to provide the board of Debenhams with a valid alternative to its apparent view that multiple insolvency processes are required to address Debenhams' current liquidity concerns and to facilitate a wider balance sheet restructuring.

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Sports Direct considering possible offer for Debenhams

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Sports Direct considering possible offer for Debenhams. ReutersMarch 25, 2019, 6:28 PM GMT. (Reuters) - Mike Ashley's Sports Direct International Plc said on Monday that it is considering buying the whole of ailing department store chain Debenhams Plc. Sports Direct is Debenhams' largest shareholder with a near 30 percent stake. What to read next.

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Sports Direct makes case against Debenhams 'insolvency'

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The latest was a £100m offer for Debenhams' Danish operation Magasin du Nord - rejected on the grounds it did "not address the company's funding and restructuring requirement". For its part, Debenhams confirmed on Friday it was seeking a £200m funding lifeline from its lenders as part of a restructuring that could see existing shareholders, such as Sports Direct, wiped out. It would be likely to include a so-called debt-for-equity swap - in which lenders would take control of the company's shares in exchange for cutting its debt. It added: "The offer for Magasin is one of several offers that Sports Direct has made to provide the board of Debenhams with a valid alternative to its apparent view that multiple insolvency processes are required to address Debenhams' current liquidity concerns and to facilitate a wider balance sheet restructuring." Its statement said: "In any event, were Mr Ashley to become CEO of Debenhams, he would, as previously announced, step down from his roles at Sports Direct.

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Sports Direct opposes any Debenhams plan that wipes out equity

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LONDON, March 25 (Reuters) - British sportswear group Sports Direct said any restructuring option pursued by Debenhams that could result in no equity value for the department store group's shareholders "is not a workable solution". Debenhams said on Friday it was seeking 200 million pounds ($264 million) of additional funds from lenders, allowing it to pursue restructuring options to secure its future. "If guidance as to what might represent a workable solution for Debenhams could result in no equity value for Debenhams' current shareholders, from Sports Direct's perspective and that of Debenhams' wider stakeholders, that is not a workable solution," Sports Direct said. Sports Direct called on Debenhams to reconsider the offers of assistance it had made to the group, which included a 150 million pound loan and the purchase of Debenhams' Danish business Magasin Du Nord for 100 million pounds.

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Sports Direct says its Debenhams proposals are better than ‘insolvency’

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Mike Ashley’s Sports Direct has hit out at Debenhams for rejecting his latest attempt to wrest control of the struggling retailer. “The offer for Magasin is one of several offers that Sports Direct has made to provide the board of Debenhams with a valid alternative to its apparent view that that multiple insolvency processes are required to address Debenhams’ current liquidity concerns and to facilitate a wider balance sheet restructuring,” the sportswear firm claimed. As part of the plan, Mr Ashley, who owns just under 30% of Debenhams, would become chief executive of the ailing high street firm. For its part, Debenhams has put in motion plans to secure £200 million in new funding from its lenders and pursue a restructuring plan which would wipe out existing shareholders, including the Sports Direct founder. “In any event, were Mr Ashley to become CEO of Debenhams, he would, as previously announced, step down from his roles at Sports Direct. Mr Ashley also lashed out at a “lack of engagement” and the “limited access to information” provided to him by Debenhams.

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[$$] Sports Direct says may launch takeover bid for Debenhams

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Sports Direct said on Monday it was considering a takeover bid for Debenhams, a last-ditch attempt to avoid creditors seizing control of the ailing department store chain. , Sports Direct’s founder and chief executive, to wrest control of Debenhams from its creditors, who are locked in talks with the company’s management over the terms of a comprehensive financial restructuring.

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Thursday, March 21


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Sports Direct repeats call for Debenhams meeting after first request stumbles

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* Error restarts clock for Debenhams to respond (Recasts, adds detail, shares). LONDON, March 21 (Reuters) - Sports Direct, the British sportswear firm run by Mike Ashley that is pushing for control of Debenhams, has requested a meeting of the struggling department store chain's shareholders for a second time, after its original request failed. Sports Direct said on Thursday it had requisitioned a general meeting of Debenhams investors to appoint Ashley to the board and remove all current board members other than Chief Financial Officer Rachel Osborne. It said in a statement to the stock exchange that its first request on March 7 was invalid because at the time Sports Direct held its Debenhams shares through a third party nominee.

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Sports Direct pushes for Mike Ashley's appointment to Debenhams board

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Sports Direct pushes for Mike Ashley's appointment to Debenhams board. ReutersMarch 21, 2019, 9:47 AM GMT. (Reuters) - Sports Direct International on Thursday urged Debenhams board again to hold a general meeting to appoint the sportswear retailer's owner, Mike Ashley, to the board and remove nearly all the current directors. Ashley, one of Britain's most famous and unorthodox businessmen, launched a coup earlier this month to take charge of the ailing department store chain. The billionaire owns a near 30 percent stake in Debenhams. What to read next.

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