Home shopping company Findel has rejected Sports Direct owner, Mike Ashley’s takeover offer. Findel said Ashley’s takeover offer, “undervalues the group.”
Sports Direct had agreed to buy six million shares at 161p each bringing their holding to 37%, this would have valued the group at £139.2m.
Findel’s directors said the offer “significantly undervalues the Group and its future prospects.”
The board has recommended that no immediate action should be taken by shareholders.