Sports Direct considering cash bid for Debenhams

Debenhams

Debenhams

Sports Direct is considering a cash bid for Debenhams in its latest attempt to prevent a financial rescue plan that could wipe out its stake in the ailing department store.

"In Sports Direct's opinion, Debenhams restructuring and refinancing process is likely to result in an adverse outcome for Debenhams existing shareholders", the sports retailer said on Monday.

Mr Ashley, 54, who set up Sports Direct in 1982, has been trying to take control of Debenhams and last week his business offered to buy Magasin du Nord, Debenhams' Danish business, for £100 million, but was rejected.

Debenhams, which has issued a string of profit warnings and has lost 90 percent of its market value in the past year, is pursuing its own refinancing plan, but it warned on Friday that existing shareholders could be wiped out.

Mike Ashley's retail group said it was contemplating making the offer "alongside other options". It said the offer was likely to be in cash but it reserved the right to vary the form and mix of its offer.

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