Findel shareholders reject takeover bid
The majority of shareholders in Findel have rejected the Offer made by Sports Direct in its mandatory takeover bid for the business which comprises Studio and the Findel educational supplies arm. Less than 1 per cent of the shareholders in the business had accepted the Offer by the second closing date of 24 April 2019. Sports Direct has now extended its offer to 1.00pm UK time on 3rd may 2019 at the same offer price of 161p per share.
Findel plc operates an educational supplies business as well as the Studio online offering for consumers.
In a statement from Findel plc, its board reiterated that the Offer seriously undervalues Findel and its future prospects and strongly recommends that all shareholders take no action and reject the Offer.
Sports Direct now has until May 4th to increase its offer..