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@Avalon.red

Mike Ashley makes a £51.9m takeover bid for Game Digital

by LLB Reporter June 5, 2019

written by LLB Reporter 5^th Jun 19 2:50 pm

Mike Ashley has gone out shopping again, in his latest move to expand on the high street he has made a £51.9m offer to buy Game Digital.

Sports Direct will offer 30p a share for the company, Sports Direct has warned there will be stores closures with job losses if his bid is successful.

Sports Direct said, “Sports Direct does not believe that, as a standalone business, Game is able to weather the pressures that it is facing.

“Sports Direct believes that the offer, in providing Game with the wider benefit of Sports Direct’s operating and other experience and increased support, will secure Game’s future and allow it to navigate these pressures.”

Under UK takeover rules by Ashley taking his stake above 30% Sports Direct are required to make a mandatory offer.