Sports Direct to acquire Debenhams.

Sports Direct confirmed that, alongside other options, it is considering a possible offer for the entire issued and to be issued share capital of Debenhams, an operator of a range of department stores, not already held by Sports Direct. The Possible Offer is likely to be solely in cash although Sports Direct reserves the right to vary the form and/or mix of any consideration offered. The terms of the possible firm offer are that Sports Direct would offer 5p in cash per ordinary share for the entire issued and to be issued share capital of Debenhams which would value the total currently issued share capital of Debenhams at approximately £61.4m. The Possible Offer, if made, would represent a premium of approximately 127% to the closing price of Debenhams shares on 26 March 2019. In connection with the Possible Offer, Sports Direct would also assist Debenhams in addressing its immediate funding requirements.