Troubled retailer Debenhams has now said they will give any firm takeover off from Sports Direct “due consideration” however, they will continue with their emergency funding plans.
Mike Ashley’s company Sports Direct said on Monday they are considering making an offer to buy the department store chain, in a bid to save the company.
Given the “timetable associated with any public offer” a bid from Ashley’s company will not address the immediate financing requirements, Debenhams said.
They confirmed that Sports Direct has until 5pm 22 April to make a firm offer or walk away, under City rulings.
Debenhams said any proposal from Sports Direct must include a clear indication of the offer price, with a plan as to how the departments stores debt will be repaid, plus how Ashley intends to address the immediate funds needed.
Sports Direct announced late on Monday that they are considering an offer to take over Debenhams financing plans outright, this “would result in an adverse outcome” for shareholders.