Mike Ashley's Sports Direct said on Monday it was considering buying the whole of Debenhams as an alternative to the restructuring options being pursued by the ailing department store chain's directors. Sports Direct, Debenhams' largest shareholder with a near 30 percent stake, has been trying push for control of the group, but an attempt to appoint Ashley to the board and replace nearly all of the existing directors failed because Sport Direct at the time owned its stake through a third-party nominee. Debenhams, which has issued a string of profit warnings and has lost 90 percent of its ...
Analysts Lower Target Price on FedEx after Its 2019 Outlook CutAnalysts lower target priceMost analysts reduced their target prices on FedEx (FDX) after the delivery giant trimmed its fiscal 2019 earnings outlook for the second time in three
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British sportswear group Sports Direct said any restructuring option pursued by Debenhams that could result in no equity value for the department store group's shareholders "is not a workable solution". Debenhams said on Friday it was seeking 200 million pounds of additional funds from lenders, allowing it to pursue restructuring options to secure its future. It said some options would wipe out shareholders.
Sports Direct said on Monday it was considering a takeover bid for Debenhams, a last-ditch attempt to avoid creditors seizing control of the ailing department store chain. , Sports Direct’s founder and chief executive, to wrest control of Debenhams from its creditors, who are locked in talks with the company’s management over the terms of a comprehensive financial restructuring.
Struggling British department store group Debenhams said on Friday its shareholders could be wiped out as a result of some of the restructuring options it is considering and rebuffed a bid by Sports Direct to buy its Danish business. Debenhams has issued a string of profit warnings and lost 90 percent of its market value in the past year. The company is trying to fend off an attempt by its largest shareholder, Mike Ashley's Sports Direct, to take control of the business.
A group of hedge fund and bank creditors and Ashley’s Sports Direct International Plc are vying for control of the department-store operator as it seeks to restructure about 560 million pounds of debt. Debenhams started a process on Friday to get bondholder approval for new lending from its existing creditors by 5 p.m. on March 28, according to a statement. Ashley’s Sports Direct responded with an offer to buy Debenhams’ Danish operations for 100 million pounds.
The FTSE 100 bounced 0.9 percent, comfortably outperforming its European peers, as the pound dipped amid growing concern that a no-deal Brexit would become a reality. Many large UK-listed firms earn the bulk of their income abroad in foreign currencies and their shares benefit from a falling pound. The midcap FTSE 250, more domestically focussed, was 0.2 percent lower.
London will be central to global financial markets whatever shape Britain's exit deal from the European Union (EU) takes, senior players in British banking said on Thursday. Barclays chairman John McFarlane said he was confident that London would remain a global financial centre able to secure access to Europe after Brexit. "In the event of a no deal situation, this would hurt the EU very significantly if that was the case, and that would quickly resolve into some form of arrangement," McFarlane said.
Sports Direct, the British sportswear firm run by Mike Ashley that is pushing for control of Debenhams, has requested a meeting of the struggling department store chain's shareholders for a second time, after its original request failed. Sports Direct said on Thursday it had requisitioned a general meeting of Debenhams investors to appoint Ashley to the board and remove all current board members other than Chief Financial Officer Rachel Osborne. "Sports Direct would like the matter of Debenhams board appointments to be put to the vote of the Debenhams shareholders as soon as possible," it ...
The Latest Updates from the Telecom Sector(Continued from Prior Part)Vodafone avoids outright debt Vodafone (VOD) is raising about $4.5 billion through the sale of convertible bonds, according to a report from Bloomberg. The company intends to use
Sports Direct International, which is owned by Ashley, on Thursday called for Debenhams to hold a general meeting in a bid to remove all the current directors except Rachel Osborne. Ashley, one of Britain's most famous and unorthodox businessmen, launched a coup earlier this month to take charge of Debenhams, in which he owns a nearly 30 percent stake. As part of the plan, he offered to step down from his role as Sports Direct's boss.
Vodafone will receive a warning from EU regulators about possible anti-competitive effects from its $22 billion deal to buy Liberty Global's German and eastern European assets, two people familiar with the matter said on Wednesday. The warning, via a statement of objections setting out the European Commission's concerns, is expected to be conveyed to the companies shortly, the sources said, ahead of a June 3 deadline for the EU executive's regulatory approval. The world's second-largest mobile operator and U.S. cable pioneer John Malone's Liberty announced the deal in May last year in a ...
