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Sports Direct mulls bid for Blacks

Sports Direct, the sportswear chain, is considering making a bid for outdoor specialist Blacks Leisure after blocking its proposed fundraising plans.

Sports Direct said today in a Stock Exchange announcement that it is evaluating a cash offer for the entire share capital of Blacks. Sports Direct added: “There can be no certainty that any offer will ultimately be made for Blacks and a further announcement will be made when appropriate.”

Last week, Sports Direct acquired a 29% disputed stake from the administrators of Icelandic bank Kaupthing in order to block Blacks’ proposed £20m fundraising.

Blacks’ shareholders voted to adjourn the meeting at which it intended to vote on the fundraising and Blacks said today that it would not now reconvene the meeting.

Blacks said in a separate Stock Exchange announcement that if Sports Direct did not make a bid it would pursue an alternative fundraising which will only need a majority vote, meaning that Sports Direct would not be able to block it.

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