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Sports Direct chiefs to underwrite Debenham's CEO for CEO jobs: Financial Times By Reuters

© Reuters. FILE PHOTO: New Debenhams department store in Watford (Reuters) – Sports Direct (LON 🙂 chief Mike Ashley has offered to issue 150 million pounds ($ 196 million) rights issue at Debenhams on condition he is named CEO of the British department store chain, the Financial Times reported on Saturday, citing two sources. The owner of the sportswear firm is also considering a 60 million pounds takeover bid for Debenhams this weekend, the Sunday A formal sacrifice was made together with him and would come with conditions, the Sunday Times said, citing an unnamed source. Debenhams secured 200 million pounds in new funds last week but warned that shareholders still face wiped out unless it is financially secure from Sports Direct, which holds a near 30 percent stake. Debenhams said Sports Direct needed to make a firm offer for the group, underwrite a rights i ssue of new stock, or provide debt funding if wanted to prevent Debenham falling into the hands of its lenders. In a letter to the Debenhams board dated April 5, Sports Direct said it would be willing to underwrite the group with 1 50 million pounds in cash if Ashley was named as CEO, the FT said. Sports Direct was not immediately available for comment and Debenhams declined to comment. Last year Sports Direct bought department store chain House of Fraser out of administration and it has been trying to wrest control of Debenhams for months to further up its presence in the sector.…


© Reuters. FILE PHOTO: New Debenhams department store in Watford

(Reuters) – Sports Direct (LON 🙂 chief Mike Ashley has offered to issue 150 million pounds ($ 196 million) rights issue at Debenhams on condition he is named CEO of the British department store chain, the Financial Times reported on Saturday, citing two sources.

The owner of the sportswear firm is also considering a 60 million pounds takeover bid for Debenhams this weekend, the Sunday

A formal sacrifice was made together with him and would come with conditions, the Sunday Times said, citing an unnamed source.

Debenhams secured 200 million pounds in new funds last week but warned that shareholders still face wiped out unless it is financially secure from Sports Direct, which holds a near 30 percent stake.

Debenhams said Sports Direct needed to make a firm offer for the group, underwrite a rights i ssue of new stock, or provide debt funding if wanted to prevent Debenham falling into the hands of its lenders.

In a letter to the Debenhams board dated April 5, Sports Direct said it would be willing to underwrite the group with 1

50 million pounds in cash if Ashley was named as CEO, the FT said.

Sports Direct was not immediately available for comment and Debenhams declined to comment.

Last year Sports Direct bought department store chain House of Fraser out of administration and it has been trying to wrest control of Debenhams for months to further up its presence in the sector. ] Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices and not appropriate for trading purposes. Therefore Fusion Media does not bear any responsibility for any trading losses you might incur as a result of using this data.

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