Sports Direct is considering making a bid for Blacks Leisure after blocking its proposed fundraising plans.
Sports Direct said it is evaluating a cash offer for the entire share capital of Blacks and 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 bought back its disputed stake from the administrators of Icelandic bank Kaupthing in order to block the outdoor specialist’s proposed £20m fundraising.
Black’s shareholders voted to adjourn the meeting where it intended to vote on the fundraising and Blacks said today that it would not now reconvene the meeting.
The retailer said that if Sports Direct does not make a bid it will pursue an alternative fundraising which will only need a majority vote for fundraising, meaning Sports Direct would not be able to block it.