Sports Direct's offer for Findel lapses

3rd May 2019 16:23

(Sharecast News) - Mike Ashley's Sports Direct said on Friday that its £139.2m offer for home shopping company Findel has lapsed after it failed to get the required level of support from shareholders.Sports Direct offered to buy Findel back in March after agreeing to buy 6 million shares in the business from a single shareholder, City Financial Absolute. That took its holding in Findel to 36.8% from 29.9%, above the 30% mandatory offer threshold set by the Takeover Code.The company said in a statement earlier that it had received valid acceptances of just 0.99% of Findel's existing issued share capital, meaning that just under 37% of Findel's shareholders backed the deal. More than 50% acceptances were required for the deal to go through.Findel had been vocal in its rejection of the "highly opportunistic" offer, urging its shareholders to take no action and arguing that it "significantly" undervalued the group.