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Findel shuns Ashley takeover bid

Home-shopping company Findel has urged shareholders to reject a takeover bid from Sports Direct, saying the offer “significantly undervalues” the group.

In a statement, Findel’s board, chaired by Ian Burke, said that the business had unanimously rejected Sports Direct’s bid for the company, as it significantly undervalued the group.

Sports Direct had offered to buy Findel for £139m, after buying six million shares for 161p per share. This upped its holding of the business to 36.8%, triggering it to make a mandatory cash offer for the stock that it does not own.

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