Mike Ashley’s move to takeover Findel rejected

Findel, online shopping firm rejected a £139m offer from Sports Direct. In a note to the London Stock Exchange that it had offered to purchase the remaining shares in Findel that it does not already hold for 161p per share, marking a 1p discount to Findel’s close on last Friday.

Findel saw its share price close up eight per cent in trading following its rejection of the offer.

Sports Direct said it has agreed to acquire shares in the company that will take its current holding to 36.8 per cent , requiring it to make a mandatory cash offer for Findel, which sells its range of fashion, homeware and gifts on its studio.co.uk website.

The Newcastle United owner has since bought several other retail brands such as Evans Cycles, Game Digital, Agent Provocateur, French Connection, Kangol,  and Sofa.com and has been linked to bids for firms like HMV and Valerie Patisserie.