Sports Direct has extended the deadline on its offer for online value retailer Findel.
Sports Direct agreed to buy 6 million shares in Findel for 161p per share last month, bringing its holding to 36.8%. This required the retailer to make a mandatory cash offer for the shares in Findel that it does not already own.
Sports Direct has since received acceptances on a further 847,649 shares, bringing its holding to 37.8%.
However, it failed to secure sufficient acceptances to brings its holding above 50% for the offer to be declared unconditional by the first deadline of 9 April. It has now extended its offer until the next closing date on 24 April.
The board of Findel said the extension confirmed its view that Sports Direct’s offer price of 161p per share ”is opportunistic, significantly undervalues Findel and should be rejected by all shareholders”.
It added: ”Sports Direct has until 4 May to improve or change its offer, or until 18 May to receive the required acceptances on its current offer for it to become unconditional.”
Findel has assurances from its second-largest stakeholder, Schroders, that it will not accept an offer on its 18.85% stake.