Sports Direct are ready to pay £61.4m cash to take over the troubled retailer Debenhams, the offer comes with conditions.
Mike Ashley would become the chief executive of the department chain store, and he will pay 5p per share for stock that is not already owned by Sports Direct, or £43m.
Tuesday’s closing share price for Debenhams was 2.2p, and on Wednesday shares are trading around 2p.
Debenhams has repeatedly resisted all takeover attempts by Ashley, Debenhams made no statement.
In a statement late on Tuesday evening, Chris Wootton, deputy finance chief at Sports Direct, said, “Debenhams shareholders, both major and minority, are sick and tired of being ignored, cast aside and trampled underfoot by the lenders of Debenhams who, through the incompetence or, worse, collusion of the board, are allowing these critical stakeholders in the business to be wiped out. This is the shareholders’ chance to fight back.
“We reiterate our prior comments that we will leave no stone unturned in pursuing those responsible for this long-planned theft.”