April 1, 2019 / 1:24 PM / in 5 months

Britain's Findel receives key shareholder's support on rejecting Sports Direct bid

April 1 (Reuters) - Online retail and education business Findel Plc said on Monday it had received a letter of support from its second-largest shareholder Schroders Investment Management Ltd for its rejection of a buyout offer from Mike Ashley’s Sports Direct.

“Schroders agrees with the conclusion of the Findel Board that the offer significantly undervalues the future prospects of Findel,” the company said in a statement and reiterated its intention to not accept the offer which values Findel at 139.2 million pounds ($182.48 million).

Schroders Investment Management holds an 18.85 percent stake in Findel.

$1 = 0.7628 pounds Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shailesh Kuber

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below