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Market: LSE
Sector: General Retailers
EPIC: BSLA
Latest Price: 1.25p  (0,00%)
52-week High: 31.00p
52-week Low: 0.63p
Market Cap: 1.05M
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Blacks Leisure Group
www.blacksleisure.co.uk

The Outdoor Group comprises Millets and Blacks, the largest outdoor retailers in the UK, and Freespirit and Mambo, the leading retail chains in the newly emerging UK boardwear market

Full Blacks Leisure Group profile here
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Blacks Leisure dismisses Sports Direct’s 62p per share cash offer

19th Mar 2010, 12:01 pm Blacks Leisure dismisses Sports Direct’s 62p per share cash offer

Blacks Leisure Group (LSE: BLSA) has rejected an indicative, 62p per share cash offer for the company from Sports Direct International (LSE: SPD), calling the offer wholly inadequate. The specialist outdoor goods retailer said it intends to pursue a pre-emptive fundraising, which it considers to be in the best interest of its shareholders.

Bid speculation has been building, quite publically, since Sports Direct regained control of its 28.5% stake in Blacks from the administrators of failed Icelandic bank Kaupthing, which initially part-financed the share purchase in 2007. The shares were held by Kaupthing’s administrator until 22 February 2010.

Upon the receipt of the reclaimed equity, Sport Direct blocked Blacks' proposed £22m placing and has instead been working on an offer to acquire the specialist retailer. On 17 March 2010, Sports Direct submitted a confidential letter to Blacks, which contained the indicative, non-binding 62p offer for company.

Blacks believes that the proposed fundraising to accelerate the final phase of its ‘Turnaround Plan’, would have led to a substantial increase in shareholder value. Blacks said that Sports Direct is attempting to transfer that potential shareholder value from shareholders to Sports Direct. 

The UK Takeover Panel has issued a “put-up or shut-up” ruling, giving Sports Direct until 5.00 pm on 1 April 2010 to either make an offer for the company or declare that it does not intend to make an offer for the company.

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