Sports Direct acquired the rights to a disputed 29% stake in Blacks Leisure, the struggling U.K. outdoor chain, and said it planned to vote against its rescue plans. The move could be a precursor to a bid from Sports Direct for Blacks.
The shares, and an 11% stake in a third chain, JD Sports Fashion, were
acquired in October by the administrators of Kaupthing Singer &
Friedlander, the bank owned by Kaupthing, of Iceland.
Sports Direct said in a statement that its subsidiary
Sportsdirect.com Retail, which had been in dispute with the administrators
over the shares in Blacks and JD Sports, proposed to acquire the rights to
them.
Sports Direct now plans to vote against Blacks proposed rescue plan at its annual meeting on Wednesday. The rescue plan includes a proposed £20m fundraising.
