Sports Direct said it was considering a takeover bid for Debenhams, a last-ditch attempt to avoid creditors seizing control of the struggling department store chain.
Sports Direct, which last year bought department store chain House of Fraser out of administration, has a near 30 percent stake in Debenhams and has been trying to wrestle control of it for months.
In a statement, Sports Direct said, “In Sports Direct’s opinion, Debenhams restructuring and refinancing process is likely to result in an adverse outcome for Debenhams existing shareholders and, accordingly, Sports Direct confirms that, alongside other options, it is considering a possible offer for the entire issued and to be issued share capital of Debenhams not already held by Sports Direct (the “Possible Offer”). The Possible Offer is likely to be solely in cash although Sports Direct reserves the right to vary the form and/or mix of any consideration offered.
