Sports Direct has retracted its bid for Goals Soccer Centres, which the retailer attributed to having received “limited” co-operation from the business on a possible takeover.
The sporting goods retailer has pulled its bid for Goals Soccer Centres after making the offer last month.
The retailer offered the five-a-side pitch operator 5p per share, which valued the firm at £3.8m, shortly after Goals Soccer Centres said it would delist following an investigation into accounting issues across the business.
However, Sports Direct, which is Goals Soccer Centres’ largest shareholder, has now said it was “unable to complete the necessary due diligence to progress the offer”.
“Sports Direct had only limited and fitful access and co-operation from the board of Goals to support Sports Direct’s possible offer,” the retailer said.
A spokesperson for Goals Soccer Centres told Reuters that “Goals has provided Sports Direct with all of the information they have requested as and when it became available”.
The spokesperson added that Goals Soccer Centres’ board had not “frustrated” Sports Direct in any way from making an offer.
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