Mike Ashley has gone out shopping again, this time Sports Direct are to launch a £139.2m takeover bid for home shopping company, Findel.
Sports Direct are to buy six million shares in Findel at 161p each, giving Ashley’s company a 37% holding, valuing the group at £139.2m.
Sports Direct said in a stock exchange announcement, “Sports Direct continues to recognise the value and quality of the Findel business, and sees the offer as an opportunity to give increased support to Findel to maximise the value of its existing business.
“The offer is an effective way of expanding the commercial arrangements between Sports Direct and Findel and giving Sports Direct increased exposure to the future growth of the Findel business.”
Findel reported revenues of r £479m with profit before tax of £22.1m, the year end to 30 March 2018.
Early morning trading saw Findel share’s rise more than 7% at 174p.