{"id":161121,"date":"2019-03-27T11:45:59","date_gmt":"2019-03-27T11:45:59","guid":{"rendered":"https:\/\/www.theindustry.fashion\/findel-urges-investors-to-reject-mike-ashleys-opportunistic-bid\/"},"modified":"2021-08-12T13:55:33","modified_gmt":"2021-08-12T13:55:33","slug":"findel-urges-investors-to-reject-mike-ashleys-opportunistic-bid","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/findel-urges-investors-to-reject-mike-ashleys-opportunistic-bid\/","title":{"rendered":"Findel urges investors to reject Mike Ashley\u2019s \"opportunistic\" bid"},"content":{"rendered":"<p>Findel has <strong>doubled down on its rejection of the \u00a3140m takeover offer<\/strong> made by Mike Ashley\u2019s Sports Direct as it urges shareholders to oppose the bid.<\/p>\n<p>In a circular to investors, the board repeated its previous insistence the offer significantly undervalues the company, which is an online retailer and supplier of resources to schools.<\/p>\n<p><!--more--><\/p>\n<p>Sports Direct <strong>made a mandatory offer of 161p per share<\/strong> in cash for the business earlier this month.<\/p>\n<p>It has <strong>already increased its holding to 37%<\/strong>, taking it above the 30% threshold that triggers a mandatory bid under UK takeover rules.<\/p>\n<p>Findel\u2019s directors said the price offered was<strong> below its undisturbed share price<\/strong> before the offer was made public, while analysts have targeted between 300p and 350p per share for the stock.<\/p>\n<p>The board also said <strong>current trading was strong<\/strong>, with pre-tax profits for the year currently expected to come in between \u00a326m and \u00a328m.<\/p>\n<p>Ian Burke, chairman of Findel, said: \u201cThe Findel Board believes that Sports Direct\u2019s offer is <strong>highly opportunistic and significantly undervalues the group<\/strong> and its prospects.<\/p>\n<p>\u201cSports Direct\u2019s offer <strong>provides no compelling reason as to why 161p per share represents a fair price<\/strong>, especially given the operational and financial progress made in transforming the group into a market-leading online value retailer.<\/p>\n<p>\u201cAs stated in its offer document, Sports Direct endorses the strategic plans that the Findel Board is implementing and is supportive of the Findel leadership team delivering these.<\/p>\n<p>\u201cIt is against this backdrop that <strong>the board is unanimous in its recommendation<\/strong> that shareholders reject the offer and take no action.\u201d<\/p>\n<p>The tussle over Findel comes as<strong> Ashley is also embroiled in a battle for control of Debenhams.<\/strong><\/p>\n<p>On Tuesday night, Sports Direct said it was mulling a bid that would value the business at \u00a361.4m.<\/p>\n<p><strong>Debenhams has so far resisted overtures<\/strong> by the billionaire, favouring its own \u00a3200 million refinancing plan with its lenders that would wipe out existing shareholders such as Mr Ashley.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":149968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[6,10494],"tags":[3514,14114,11421,10836],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Findel urges investors to reject Mike Ashley\u2019s &quot;opportunistic&quot; bid - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Findel has doubled down on its rejection of the \u00a3140m takeover offer made by Mike Ashley\u2019s Sports Direct as it urges shareholders to oppose the bid. In a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theindustry.fashion\/findel-urges-investors-to-reject-mike-ashleys-opportunistic-bid\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Findel urges investors to reject Mike Ashley\u2019s &quot;opportunistic&quot; bid - TheIndustry.fashion\" \/>\n<meta property=\"og:description\" content=\"Findel has doubled down on its rejection of the \u00a3140m takeover offer made by Mike Ashley\u2019s Sports Direct as it urges shareholders to oppose the bid. 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