Debenhams to weigh up any Sports Direct offer

0 Sports Direct has until 5pm on 22 April to announce a firm intention to make a bid or walk away

Debenhams yesterday said it will give any firm takeover offer from Mike Ashley’s Sports Direct “due consideration” but added that it would continue with emergency funding plans.

Sports Direct said after the market closed on Monday it was considering making an offer to buy Debenhams to save the embattled department store chain.

Debenhams said given the “timetable associated with any public offer”, a bid from Sports Direct would not address its

immediate financing needs. It confirmed that Sports Direct now has until 5pm on 22 April to announce a firm intention to make a bid or walk away, under City takeover rules.

The group added any proposal from Sports Direct must provide an indication of the offer price, a clear plan of how Debenhams’ existing debt will be repaid and how it would address the immediate funding needs. It also acknowledged a new request from Sports Direct on 21 March calling for a shareholder meeting.